Three popular features of an HSA are:
- It’s flexible – you can use the money now to pay for eligible medical expenses or let the balance grow for future expenses.
- There’s no “use it or lose it” rule like a Flexible Spending Account – your unused balance rolls forward every year.
- The money is yours to keep – you can take any unused balance with you when you leave the company.
You are eligible to elect an HSA if you are enrolled in an Ensign medical plan. There are a few restrictions that apply to HSA eligibility:
- You must not be covered by other health insurance
- You must not be enrolled in Medicare Part A or B
- You are not listed as a dependent on someone else’s tax return
- Your spouse cannot be enrolled in a Health Care Flexible Spending Account through his or her employer
When you enroll in Medical coverage and elect to open an HSA, you do not have to contribute any money at that time. You can, however, change that contribution time at any point.
In 2020, the HSA limit (the maximum amount you can contribute) is $3,550 for employee-only coverage and $7,100 for family coverage. If you are age 55 or older in 2020, you can contribute an additional $1,000 to your HSA.
- Log into Workday and click on the Benefits icon at the Home Page
- Click on the Benefits tab under “Change”
- Benefit Event Type: Change HSA Contribution / Benefit Event Date: TODAY’S DATE. Click SUBMIT
- On the next page click “OPEN”
- Go through the steps; changing your HSA will be on the second page. Click CONTINUE
- Verify the changes you made are indeed what you want (if not, click Go Back)
- Read the Legal Notice and Check the “I Agree” box. Click SUBMIT to finalize
Your request to change your contribution amount will only be approved if it is in the current pay period or in a future pay period.
The money in your HSA can be used to pay for eligible health care expenses of any family member who qualifies as a dependent on your income tax returns.
For more information about HSAs, click here.