Health Savings Accounts (HSAs)

//Health Savings Accounts (HSAs)
Health Savings Accounts (HSAs) 2017-12-14T10:51:38+00:00

What is an HSA?
A health savings account (HSA) is a medical savings account that you can contribute to tax-free if you are enrolled in a high-deductible health plan (HDHP). The funds can be used to pay for qualified medical expenses. HSA funds roll over from year to year, as opposed to the FSA which has a “use-it-or-lose-it” rule.

Eligibility

  • Must be covered by a qualified HDHP (high-deductible health plan)
  • May not be covered by a non-HSA qualified health insurance plan
  • May not be enrolled in Medicare
  • May not be claimed as a dependent on another person’s tax return
  • May not have, or be eligible to use, a general purpose flexible spending account (FSA) – Limited purpose flexible spending accounts are allowed for Vision, Dental, or Dependent Care
  • Must not have used VA benefits for anything other than preventative services in the past three months unless receiving benefits for a service related injury or illness.

Can an HSA be combined with an FSA?
If an HSA is combined with an FSA, the FSA needs to be a limited-purpose FSA that only covers certain expenses, such as dental and vision costs.

Download the Employer FAQ

How Does It Work?

RPG HSA Benefits CardA Company can offer an HSA to its employees through RPG Consultants. The employer will have a small administration fee for this service. Every employee will get a card to use. There is no cost to an employee if the funds stay in a money market account.

RPG Consultants Employer Benefits Portal

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