Health Savings Account (HSA)
A Health Savings Account accompanies a qualified High Deductible Health Plan (HDHP) and allows you to set aside pre-tax funds to offset your out-of-pocket healthcare expenses. Your employer can also contribute to your HSA. Once an HSA is established, the funds stay with the participant regardless of employment status.
How Does My HSA Work?
Some HSAs allow for both the employer and employee to make contributions while others only allow one or the other. Please check your employer’s plan design to determine which design your HSA plan follows. The contributions are made pre-tax, throughout the year, up to the annual individual of family limit set by the IRS. The 2020 individual contribution limit is $3,550. The family contribution limit is $7,100. Each year the IRS provides inflation-adjusted contribution limits. These funds can be used to pay for out-of-pocket healthcare expenses for you and your eligible dependents.
When you enroll in an HSA, you’ll have access to a secure, online portal where you can track your account balance, request disbursements, and view your investment options.
What Does It Cover?
HSAs cover a variety of healthcare expenses including, but not limited to:
- Deductibles & Co-Pays
- Prescription Drugs
- Dental & Orthodontic Services
- Eyeglass, Contacts & Eye Surgery
- Chiropractic Services
- Mental Health Care
- Smoking Cessation Program
How Can I View My HSA Funds?
You have 24/7 access to view your account balances and details!
- The ASi Employee Portal – a desktop portal where you can view account balances, activity, claim history, and disbursement history.
- The ASi Flex HRA App – A mobile application where you can view your account balances, transactions, and history anytime, anywhere on any iPhone, Android, or tablet device.
What Type of Documentation Do I Need to Submit?
With an HSA, you do not have to submit any receipts or Explanations of Benefits to receive your HSA disbursements. You will receive a tax form from your HSA financial institution that will provide the information you will need to fill out that year’s federal tax return (Form 8889). However, we suggest keeping your receipts and documentation for HSA expenses in case of an audit or inquiry from the IRS.