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HEALTH SAVINGS ACCOUNTS



HEALTH SAVINGS ACCOUNTS - Empowering our Members to Make the Most of their Health Care Dollars

Minuteman Health offers several high-deductible health plans that can be paired with a Health Savings Account (HSA).
 
HSAs empower consumers to maximize savings and can help build a financial reserve for the future. And HSAs aren’t just for the young and healthy—any member enrolled in a Minuteman Health high-deductible plan (look for “HSA” in the plan name) can take advantage of a money-saving HSA.

FINANCIAL FLEXIBILITY. FINANCIAL SECURITY.

HSA-compatible health plans typically cost less than traditional health plans and the money members save on lower monthly premiums can be deposited into an HSA account. By taking advantage of an HSA, consumers are able to pay for current health care expenses AND save for those in the future.
Here’s how:

  • Contributions are tax-deductible, or if made through a payroll deduction, are pretax*

  • The interest earned on HSA balances is tax-free*

  • Distributions may be tax-free* for qualified medical expenses

  • You OWN the account and ALL contributions**

  • HSA balances roll over and remain available for qualified medical expenses even if you change health plans, retire or leave your company

  • Investment opportunities with HSA vendors (including Health Equity). See FAQs section below (Can I make investments using HSA funds?) for more information.

HEALTH EQUITY - Administering HSAs since 2002

For more information on Health Savings Accounts including contribution limits, tax implications and monthly fees, as well as useful videos and enrollment forms and documents, visit Health Equity, Minuteman Health’s HSA administrator. Plan members can work with Health Equity or another administrator of their choice.
 
New Hampshire members and consumers:
 
Use this form if you enrolled or are enrolling through HealthCare.gov.
Use this form if you enrolled or are enrolling through the Minuteman Health Storefront, eHealth or another private exchange.
 
Massachusetts members and consumers:
 
Use this form if you enrolled or are enrolling through the Health Connector.
Use this form if you enrolled or are enrolling through the Minuteman Health Storefront, eHealth or another private exchange.


MANAGING AN HSA WITH HEALTH EQUITY - FAQs

How much can I contribute to my HSA?

For 2017, the Internal Revenue Service allows HSA holders to contribute up to $3,400 for an individual and up to $6,750 for a family in their account. HSA holders 55 and older get to save an extra $1,000, which means $4,400 for an individual and $7,750 for a family. These contributions are 100% tax-deductible from gross income. However, because an HSA account is in an individual’s name, only the person age 55 or older can contribute the additional $1,000 in his or her own name. For example, if both husband and wife are age 55 or older, they must have two HSA accounts if they want to contribute the maximum.
 
What is the monthly fee for a Health Equity HSA?

Health Equity charges $3.95 per month for ongoing maintenance of your Health Savings Account. This monthly fee is separate from the monthly premium you pay for your Minuteman Health plan and will be automatically deducted from your Health Savings Account by Health Equity once you enroll. There is no initial account setup fee charged by Health Equity.

What is considered a qualified medical expense?
 
Qualified medical expenses are designated by the IRS and they include medical, dental, vision and prescription expenses. The best way to find out if a particular service is considered a qualified medical expense is to visit Health Equity - Qualified Medical Expense List.
 
Can I make investments using HSA funds?

Yes, if you choose to set up your HSA through our HSA administrator, Health Equity, you can invest your HSA funds once you reach a $2,000 account balance. For more information, take a moment to review Health Equity’s Investment Guide.



 


*HSAs are never taxed at a federal-income tax level when used appropriately for qualified medical expenses. Also, most states recognize HSA funds as tax-free with very few exceptions. Please consult a tax advisor regarding your state’s specific rules.

**No permission or authorization from the IRS is necessary to establish an HSA. You set up an HSA with a trustee. A qualified HSA trustee can be a bank, an insurance company, or anyone already approved by the IRS to be a trustee of individual retirement arrangements (IRAs). The HSA can be established through a trustee that is different from your health plan provider. Your employer may already have some information on HSA trustees in your area.