If you participate in the HSA Open Access POS medical plan, you qualify to enroll in a Health Savings Account (HSA). This is a custodial account through Discovery Benefits. It serves as a spending account for current eligible medical, dental, and vision expenses. You can choose to invest your money in a number of mutual fund options once you reach a $1,500 balance.
Annual Contribution Limits for 2012
$3,250 for Individual
$6,450 for Family
$1,000 Catch-up (Age 55+)
With an HSA, your funds roll over each year. At age 65, you can withdraw the funds for any reason and pay the normal federal and state taxes.
An eligible individual is anyone who is covered under the HSA Open Access POS medical plan. Non-eligible individuals are those currently enrolled in Medicare or TRICARE, have received medical benefits through the Department of Veterans Affairs (VA) during the preceding three months, or are claimed as a dependent on another person’s tax return.
If you are enrolled in the HSA Open Access POS medical plan, you cannot simultaneously enroll in the Flexible Spending Account and the Health Savings Account. You may enroll in a Limited Purpose FSA.
If you are currently enrolled in a Flexible Spending Account, you will not be able to access the HSA until 4.1.2012.
If you elect to enroll in an HSA you will need to activate your account in order to access your funds. You may activate your account online at http://discoverybenefits.com . For more information about setting up your health savings account or checking your account balance with U.S. Bank; log on http://discoverybenefits.com, call 1-866-451-3399, or e-mail email@example.com
Limited Purpose FSA
A Limited Purpose Flexible Spending Account is specifically designed to work hand-in-hand with your Health Savings Account (HSA). Eligible expenses include dental and vision only. Medical expenses are not eligible in this plan.