HEALTH SAVINGS ACCOUNT
Your Health Savings Account (HSA) is a tax-advantaged medical savings plan that is an integral part of the EPC’s federally qualified, High Deductible Health Plan. By selecting an HSA-qualified plan, you are eligible to contribute tax-free money into a health savings account (HSA). Your HSA funds can then be used tax-free to pay for qualified medical expenses. In addition, your HSA contributions earn tax-free interest and carry over from year-to-year, even if you change jobs or retire.In addition, your HSA contributions earn tax-free interest and carry over from year-to-year, even if you change jobs or retire. Just like the funds you contribute, interest earned on your HSA balance is not taxed.
You can use a tax-free health account for a wide variety of expenses:
• Deductibles, copays, and coinsurance.
• Medically necessary expenses not covered by your health plan.
• Prescription drugs.
• Over-the-counter (OTC) drugs prescribed by your doctor.
• Some drugstore items, such as diabetic supplies and first aid.
• Dental and vision care services.
• Certain types of medical equipment.
• Other eligible expenses as designated by the IRS.
For more information on HSA federal regulations, visit www.irs.gov/publications/p502.
For information about other BRI plans, see the following pages (which also are available from the Resources > Benefits menu above):
Medical/Prescription Drug Plans
Hearing Aid Program
Medicare Supplement Plans
Disability, Life, and AD&D Plans
Documents, Forms, and Notices
Church Administrator Resources
WHY SHOULD YOU CONSIDER AN HDHP PLAN?
If you enroll in the Gold HDHP Plan and meet certain criteria, you are eligible for a Health Savings Account (HSA). An HSA is a special tax-advantaged savings account that allows you to pay for your qualified health expenses.
• Under the EPC Gold HDHP plan, the church contributes $1,000 for individuals and $2,000 for families annually to the HSA.
• Under the EPC Bronze HDHP plan, the church contribution amount is up to the employer’s discretion.
• Both plans must comply with the IRS annual limits.
• Use your HDHP funds to pay for your deductible and other out-of-pocket costs under the medical plan.
• Tax advantages.
• Your money rolls over year after year, so you build savings.
• It’s portable—the money stays with you even if you change jobs or retire.
• At age 65, you can use your funds for any expense. You aren’t penalized for non-qualified medical expenses (though normal income tax still applies). You may also continue to withdraw money for qualified health expenses tax-free.
IS THE GOLD HDHP PLAN RIGHT FOR YOU?
If you want a tax advantaged account to save for current and future health expenses and want to take a more active role in your health care decisions, the Gold HDHP plan might be right for you. Because of the tax advantages, the IRS has rules you must follow to be eligible for a HSA. If you are considering the Gold HDHP plan, be sure to familiarize yourself with the regulations. The IRS does not permit you to contribute to a HSA if:
• You have other first-dollar health coverage, such as coverage through your spouse (including a regular Health Flexible Spending Account plan).
• You are enrolled in Medicare.
• You were claimed as a dependent on someone else’s tax return.
If you are new to HSAs, follow these steps to optimize your account and put you on the pathway to building health savings.
Step 1: Log on
Sign in to the member portal by visiting www.my.healthequity.com If it is your first time logging in, select ‘Create user name and password’ and follow the step-by-step process to verify your account. Once you are logged in, complete the following:
• Add a beneficiary to ensure your HSA benefits your loved ones in the event of your death.
• Elect to receive eStatements to avoid a monthly statement fee.
• Navigate the portal and familiarize yourself with its features and capabilities. For a comprehensive portal guide, visit www.healthequity.com/learn/hsa/member-guide/member-portal.
Step 2: Activate your debit card
Once your HSA is opened, you will receive a member welcome kit including a HealthEquity Visa® Health Account Card. Activation instructions are included in the envelope. You can also speak to one of our account mentors to activate your card and receive additional insight into your account. For more information, go to Healthequity.com, login to your member portal and explore the various member resources, or call 866-346-5800.
BRI MEDICAL/PRESCRIPTION DRUG RESOURCES
Information provided in this web site does not constitute legally binding advice. EPC benefits are subject to the provisions of the Medical Plan and Retirement Plan documents available on this web site or in print from EPC Benefit Resources, Inc. (BRI), 5850 T.G. Lee Blvd., Suite 510, Orlando FL 32822. For more information, contact BRI at firstname.lastname@example.org or 407-930-4492 (voice and fax).