Health Savings Accounts (HSAs)
for Wellesley College
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OE-DCFSA-PPT
1
The HSA Advantage
 The Benefits of an HSA
 Funds roll over from year-to-year: No “use it or lose it”
 Tax benefits on contributions, earnings and distributions
 Contributions are pre-tax via paycheck
 Funds follow you, may be transferred to another HSA
 No receipts needed for reimbursement (keep in case of audit)
 Build your retirement savings
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2
FSA, HSA, or Both?
FSA
HSA
Any
High Deductible Health Plan
Maximum Election
$2,500
$3,350 – Single coverage
$6,650 – Family coverage
+$1,000 – “Catch up” for 55+
Funds Available
Early January
As taken from paychecks
End of Year Balance
Forfeit
100% rollover, unlimited
ongoing balance
Tied to Employment?
Yes
No, portable
Mutual Fund Investments?
No
Yes
Need to Submit
Bills/Receipts?
Yes
No
Accompanying Health Plan
Medical, Dental, Vision
(Limited FSA covers only
Medical, Dental, Vision
dental & vision until HDHP
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deductible
is met)
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Eligible Expenses
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3
Reimbursements
 You can access your HSA funds by:
• Paying with your debit card
• Using the EZ Receipts mobile app
• Using Pay My Provider through WageWorks.com
• Using Pay Me Back (to be reimbursed)
 You should keep your receipts, but you do not need
to provide them to WageWorks
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4
Withdrawals
 Withdrawals for qualified medical, dental, or vision
expenses are tax-free
 Withdrawals not used for qualified expenses are
assessed normal income tax plus a tax penalty
 There is no penalty to withdraw if 65 or older, or on
certain types of disability
• Income tax still applies if not for qualified expenses
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5
If You Leave Wellesley…
 If leave the College…
• Debit card and other functionality remains active for the HSA
• The card will no longer access the FSA account (if applicable)
 WageWorks will notify you in writing of your options:
• Keep HSA open with WageWorks for a monthly fee, liquidate
and close the account, transfer funds to another HSA
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6
BNY Mellon
Features & Options
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OE-DCFSA-PPT
7
BNY Mellon: Our Capabilities
• Offers an integrated account and investment
management platform on WageWorks.com
• Provides an FDIC-insured, interest-bearing “liquid”
account with mutual funds and no per-trade fees
• Includes automatic fund allocation capabilities
• Gives you 24/7 access to statements and tax forms
8
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8
BNY Mellon: Investment Options
• Includes 16 mutual fund options
• Requires only a $1,000 minimum (first time only) for
investing
• No additional enrollment or separate site access is
required
• You pay only $2.00 per month fee for investing
• Charged only for months with $ in investments; is not
an annualized fee
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9
How to Sign Up
First,
Decide
 HSA Savings Estimator
 Plan Comparison Calculator
 Now iKnow – HPHC Tool
Then
Enroll
Login to
College
Benefits
Portal
Login
for info





Harvard Pilgrim Claims Details
HSA PowerPoint
HR Website
Group Presentations
One-on-One Appointments
Contribute
to HSA
Choose
HDHP
Login to WageWorks
Login to HPHC






Look up account balance
Pay providers with HSA
Invest HSA funds
Find doctors
Look up deductible usage
View claims activity
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and may not be used, reproduced, modified, displayed or distributed without the prior written consent of WageWorks, Inc.
10
Registering Online
From the WageWorks.com homepage, click
Log In/Register -> Employee Registration
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11
HSA & Limited Purpose FSA
Employee Experience
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OE-DCFSA-PPT
12
Accessing Your HSA Money
EZ Receipts App
• File a claim
• Supports iPhone, Android and Blackberry
smart phones
• Pay bills online
• Ideal for co-insurance, orthodontic or dental
bills
• Access funds
• Use as credit, but PIN may be requested
• Mail, fax, online
• Check or direct deposit
• 48-hour claims turn-around
• No receipt required
• Send payment to yourself
Pay My Provider
Pay By Card
Pay Me Back
Pay Me
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13
Additional Option: Limited Purpose FSA
 You may enroll in the HSA and a Limited Purpose
FSA
 The Limited Purpose FSA generally covers only
dental and vision expenses
 Once you’ve met the HDHP deductible for the year,
the Limited Purpose FSA can also be used for
medical expenses
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14
Your WageWorks Card
 You receive a WageWorks card once you
complete the application
 If you also sign up for the Limited Purpose FSA, you
will receive the card even if you don’t complete the
HSA application
 Be sure to complete the application before
January 1st so the account can accept your first
payroll contribution
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15
Card Use: Submitting Bills/Receipts
 HSA
• No substantiation to WageWorks is required
• The IRS will impose an additional 20% tax on the part of the
distributions not used for qualified medical expenses
 FSA
• All transactions must be substantiated, per the IRS
• Receipts will not be needed if a card transaction meets one of the
following criteria:
- Match to a Recurring Transaction
- Health Plan Copayment Amount
- Merchant Has IRS-approved Inventory System
• If receipt/EOB/etc. is not submitted in 90 days, the card will be
suspended
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16
The WageWorks Site
 Online view of activity is available 24/7
• One view for all plan types
 Can set options for email and text
notifications
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17
Accessing BNY Mellon
From your HSA Account Activity page, click “Investment Options” to access
your BNY Mellon account
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18
Mobile Account Access

Mobile Site

EZ Receipts App
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19
Online Resources
 Visit WageWorks.com for plan information, eligible
expenses, forms, and more
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20
Customer Service
 You may call for account information at
1-877-WAGEWORKS (877-924-3967)
• Customer Service Representatives are available Monday through
Friday, 8 AM to 8 PM ET (excluding holidays)
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21
Questions?
© 2014 WageWorks, Inc. All rights reserved.
©
2014
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Inc.proprietary
All rights reserved.
This
document
contains
and/or confidential work product that belongs to WageWorks, Inc.
This may
document
proprietarymodified,
and/or confidential
productwithout
that belongs
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and
not becontains
used, reproduced,
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distributed
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OE-DCFSA-PPT
22