Health Savings Account (HSA)

A Health Savings Account (HSA) is a personal savings account you can use to pay for qualified out-of-pocket health care expenses with pretax dollars, now and in the future. Once you’re enrolled in the HSA, you’ll receive a debit card to help manage your HSA. Your HSA can be used for your expenses and those of your spouse and tax dependents up to age 26, even if they are not covered by the HDHP medical plan.

Your HSA is always yours — no matter what.

One of the best features of an HSA is that any money left in your HSA account at the end of the year rolls over so you can use it next year or sometime in the future. And if you leave the Company or retire, your HSA goes with you so you can continue to pay for or save for future eligible healthcare expenses.

Health Savings Accounts are offered through Optum Financial. Manage your account at www.optumfinancial.com.

Advantages of a Health Savings Account

  1. Tax-free. No federal tax on contributions, or state tax in most states. Investment gains and withdrawals are also tax-free as long as they’re for eligible health care expenses.
  2. No “use it or lose it.” Your balance rolls over from year to year. You own the account and can continue to use it even if you change medical plans or leave the company.
  3. Boosts retirement savings. After you retire, you can use your HSA for health care expenses tax-free.
  4. Investing your HSA. To start investing your HSA, you just need a minimum balance of $100 then you can begin saving for the future.

Customer Identification Program (CIP)

Optum may ask you to validate your personal information. If you receive a CIP request from Optum, you have 30 days to resolve. Employer contributions will not be made while pending CIP.

How the HSA Works

Eligibility

  1. You must be enrolled in a qualified High Deductible Plan (HDHP) such as the Gold HSA.
  2. You must not be enrolled in other non-HDHP medical coverage, including Medicare, Medicaid, or Tricare.
  3. You can not be claimed as a tax dependent.
  4. You can not be enrolled in a health care Flexible Spending Account (FSA), unless it’s a “limited purpose” FSA for dental and vision expenses.

Contributions

Spectrum contributes: Employee Only: $1,000 paid $250 per quarter | Family: $1,500 paid $375 per quarter

You contribute on a pretax basis and can change how much you contribute from each paycheck up to the annual IRS maximum of $4,300 if you enroll only yourself or $8,550 if you enroll in family coverage. This limit includes both your contributions and Spectrum’s. You can make an additional $1,000 catch-up contribution if you are age 55 or older.

Eligible Expenses

You may use your HSA funds to cover medical, dental, vision and prescription drug expenses incurred by you and your eligible family members. See a full list of IRS eligible expenses:

Using Your Account

Use the debit card linked to your HSA to cover eligible expenses or pay for expenses out of your own pocket and save your HSA money for future healthcare expenses.