Health Savings Accounts (HSAs) for Wellesley College

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© 2014 WageWorks, Inc. All rights reserved. This document contains proprietary and/or confidential work product that belongs to WageWorks, Inc. and may not be used, reproduced, modified, displayed or distributed without the prior written consent of WageWorks, Inc.

© 2014 WageWorks, Inc. All rights reserved. This document contains proprietary and/or confidential work product that belongs to WageWorks, Inc. and may not be used, reproduced, modified, displayed or distributed without the prior written consent of WageWorks, Inc. OE-DCFSA-PPT

Health Savings Accounts (HSAs) for Wellesley College

June Cassidy

Think doc name at the bottom is wrong: OE DCFSA-PPT?Also deleted the hidden "Flexible Spending Account" text

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The HSA Advantage

The Benefits of an HSA

Funds roll over from year-to-year: No “use it or lose it”

Tax benefits on contributions, earnings and distributions

Contributions are pre-tax via paycheck

Funds follow you, may be transferred to another HSA

No receipts needed for reimbursement (keep in case of audit)

Build your retirement savings

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FSA, HSA, or Both? FSA HSA

Accompanying Health Plan Any High Deductible Health Plan

Maximum Election $2,500$3,350 – Single coverage$6,650 – Family coverage

+$1,000 – “Catch up” for 55+

Funds Available Early January As taken from paychecks

End of Year Balance Forfeit 100% rollover, unlimited ongoing balance

Tied to Employment? Yes No, portable

Mutual Fund Investments? No Yes

Need to Submit Bills/Receipts? Yes No

Eligible ExpensesMedical, Dental, Vision

(Limited FSA covers only dental & vision until HDHP

deductible is met)Medical, Dental, Vision

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Reimbursements

You can access your HSA funds by:• Paying with your debit card• Using the EZ Receipts mobile app• Using Pay My Provider through WageWorks.com• Using Pay Me Back (to be reimbursed)

You should keep your receipts, but you do not need to provide them to WageWorks

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Withdrawals

Withdrawals for qualified medical, dental, or vision expenses are tax-free

Withdrawals not used for qualified expenses are assessed normal income tax plus a tax penalty

There is no penalty to withdraw if 65 or older, or on certain types of disability• Income tax still applies if not for qualified expenses

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© 2014 WageWorks, Inc. All rights reserved. This document contains proprietary and/or confidential work product that belongs to WageWorks, Inc. and may not be used, reproduced, modified, displayed or distributed without the prior written consent of WageWorks, Inc. 6

If You Leave Wellesley…

If leave the College…• Debit card and other functionality remains active for the

HSA • The card will no longer access the FSA account (if

applicable)

WageWorks will notify you in writing of your options:• Keep HSA open with WageWorks for a monthly fee,

liquidate and close the account, transfer funds to another HSA

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BNY Mellon Features & Options

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© 2014 WageWorks, Inc. All rights reserved. This document contains proprietary and/or confidential work product that belongs to WageWorks, Inc. and may not be used, reproduced, modified, displayed or distributed without the prior written consent of WageWorks, Inc.8

BNY Mellon: Our Capabilities

• Offers an integrated account and investment management platform on WageWorks.com

• Provides an FDIC-insured, interest-bearing “liquid” account with mutual funds and no per-trade fees

• Includes automatic fund allocation capabilities• Gives you 24/7 access to statements and tax forms

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BNY Mellon: Investment Options

• Includes 16 mutual fund options• Requires only a $1,000 minimum (first time only) for

investing• No additional enrollment or separate site access is

required• You pay only $2.00 per month fee for investing • Charged only for months with $ in investments; is not

an annualized fee

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How to Sign Up

TOOLS

HSA Savings Estimator Plan Comparison Calculator Now iKnow – HPHC Tool

Harvard Pilgrim Claims Details HSA PowerPoint HR Website Group Presentations One-on-One Appointments

First, Decide

Then Enroll

Login to College Benefits

Portal

Choose HDHP

Contribute to HSA

Login to WageWorks Look up account balance Pay providers with HSA Invest HSA funds

Login to HPHC Find doctors Look up deductible usage View claims activity

Login for info

RESOURCES

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Registering Online

From the WageWorks.com homepage, click Log In/Register -> Employee Registration

http://www.wageworks.com/

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HSA & Limited Purpose FSAEmployee Experience

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Accessing Your HSA Money

EZ Receipts App• File a claim • Supports iPhone, Android and Blackberry

smart phones

Pay My Provider• Pay bills online • Ideal for co-insurance, orthodontic or dental

bills

Pay By Card• Access funds • Use as credit, but PIN may be requested

Pay Me Back• Mail, fax, online• Check or direct deposit

• 48-hour claims turn-around

Pay Me• No receipt required • Send payment to yourself

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Additional Option: Limited Purpose FSA

You may enroll in the HSA and a Limited Purpose FSA The Limited Purpose FSA generally covers only dental

and vision expenses Once you’ve met the HDHP deductible for the year,

the Limited Purpose FSA can also be used for medical expenses

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Your WageWorks Card

You receive a WageWorks card once you complete the application

If you also sign up for the Limited Purpose FSA, you will receive the card even if you don’t complete the HSA application

Be sure to complete the application before January 1st so the account can accept your first payroll contribution

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Card Use: Submitting Bills/Receipts

HSA• No substantiation to WageWorks is required• The IRS will impose an additional 20% tax on the part of the

distributions not used for qualified medical expenses

FSA• All transactions must be substantiated, per the IRS• Receipts will not be needed if a card transaction meets one of

the following criteria:- Match to a Recurring Transaction- Health Plan Copayment Amount- Merchant Has IRS-approved Inventory System

• If receipt/EOB/etc. is not submitted in 90 days, the card will be suspended

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Online view of activity is available 24/7• One view for all plan types

Can set options for email and text notifications

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The WageWorks Site

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Accessing BNY MellonFrom your HSA Account Activity page, click “Investment Options” to access

your BNY Mellon account

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Mobile Account Access

Mobile Site EZ Receipts App

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Visit WageWorks.com for plan information, eligible expenses, forms, and more

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Online Resources

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Customer Service

You may call for account information at 1-877-WAGEWORKS (877-924-3967)• Customer Service Representatives are available Monday through

Friday, 8 AM to 8 PM ET (excluding holidays)

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Questions?

Health Savings Accounts (HSAs) for Wellesley College

Documents

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