Health insurance and employee benefits for the automotive, road, fuel and related industries.

HOW DOES AN HSA WORK?

Your questions about HSAs, answered.

HSA FAQ2018-08-23T13:32:23+00:00
Who can get an HSA?2018-08-22T20:13:27+00:00

Any eligible individual that:

  • Is covered by an HSA-compatible health plan
  • Is not covered by other health insurance (except certain types of limited coverage)
  • Is not enrolled in Medicare
  • Is not claimed as a dependent on someone else’s tax return
    • Children cannot establish an HSA
    • Eligible spouses can establish their own HSA
How much can I contribute to my HSA?2018-11-20T16:34:34+00:00
  • 2018 IRS Maximum Allowable Contribution Limits 
    Individual: $3,450
    Family: $6,900
  • 2019 IRS Maximum Allowable Contribution Limits 
    Individual: $3,500
    Family: $7,000
What are the catch-up contributions?2018-08-22T20:14:29+00:00

Accountholders who meet the qualifications noted below are eligible to make an HSA catch-up contribution of $1,000.

Health Savings account holder
Age 55 or older (regardless of when in the year an account holder turns 55)
Not enrolled in Medicare (if an accountholder enrolls in Medicare mid-year, catch-up contributions should be prorated)

Can any high-deductible health insurance policy qualify for an HSA?2018-08-22T20:14:54+00:00

Your insurance company will determine if the policy is an HSA-compatible health plan.

Who can make contributions to an HSA?2018-08-22T20:15:16+00:00

Contributions can come from employers, the accountholder, or third parties. The combined contribution amount is subject to the IRS contribution limits.

Are there income restrictions for an HSA?2018-08-22T20:15:47+00:00

There are no income restrictions for opening or contributing to an HSA.

What are the advantages of an HSA?2018-08-22T20:16:16+00:00

HSA funds roll over year-to-year. There are tax benefits on contributions, earnings and distributions, and long-term investment opportunities are available.

Is an HSA compatible with an HRA/FSA?2018-08-22T20:16:40+00:00

This is permitted if the combination is:

“Limited purpose” flexible spending accounts (FSAs) and health reimbursement arrangements (HRAs) that restrict reimbursements to certain permitted benefits such as vision, dental, or preventive care benefits.
“Post-deductible” FSA or HRAs that only provide reimbursement after the minimum annual deductible has been satisfied under the HDHP.

What happens if I switch jobs?2018-08-22T20:17:05+00:00

The funds can go with you to your new job.

Can I withdraw the money for non-medical expenses?2018-08-22T20:20:52+00:00

Yes, though the withdrawal may be subject to income tax and penalties. After age of 65, you can use the funds for non-qualified expenses without penalty, though the funds may be subject to income tax.

Please contact us today to learn more about these (and more) AWANE health plans.

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AWANE PO Box 838 • 2-4 Main Street Peterborough, NH 03458

 (800) 258-5318

 (603) 924-9449

 (603) 924-4490

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