Health Savings Account (HSA)

Take charge of your health care spending with a Health Savings Account (HSA) . Contributions to an HSA are tax-free, and no matter what, the money in the account is yours. Use it to pay for eligible medical expenses when you are enrolled in a qualified HSA.

Your HSA can be used for qualified expenses, including those of your spouse and/or dependent(s), even if they are not covered by your Plan.

HSABank will issue you a debit card, giving you direct access to your account balance. When you have a qualified medical expense, you can use your debit card to pay. You must have a balance to use your debit card. There are no receipts to submit for reimbursement.

Eligible expenses include doctors’ office visits, eye exams, prescription expenses and LASIK surgery. IRS Publication 502 provides a complete list of eligible expenses and can be found on www.irs.gov.

2018 HSA Preventive Drug List
2019 HSA Preventive Drug List


Eligibility

You are eligible to open and fund an HSA if:

· You are enrolled in an HSA-eligible plan.

· You are not covered by your spouse’s health plan, Health Care Flexible Spending Account or Health Reimbursement Account.

· You are not eligible to be claimed as a dependent on someone else’s tax return.

· You are not enrolled in Medicare or TRICARE insurance.

· You have not received Veterans Administration medical benefits.

· You are not enrolled in a Health Care Flexible Spending Account (FSA).

Individually Owned Account

You own and administer your Health Savings Account. You determine how much you’ll contribute to the account, when to use the money to pay for qualified medical expenses, and

when to reimburse yourself. HSAs allow you to save and roll over money if you do not spend it in the calendar year. The money in this account is portable, even if you change plans or jobs. There are no vesting requirements or forfeiture provisions.

How to Enroll

You must elect the HSA Medical Plan through Air Medical Group Holdings. HSA contributions are indicated during enrollment in Workday. You will designate the amount you wish to contribute on a pre-tax basis. You may change this enrollment at any time during the year.

Air Medical Group Holdings will establish an HSA account in your name at HSABank. Contributions will be sent after each payroll.

You may roll over funds from another HSA. For more information, please contact HSABank online at www.hsabank.com or via phone at 800-357-6246.

You may not participate in an HSA account if you are enrolled in a Health Care Flexible Spending Account (FSA).

Maximize Your Tax Savings
  Contributions to an HSA are tax-free (they can be made through payroll deduction on a pre-tax basis when you open an account with HSABank). The money in this account (including interest and investment earnings) grows tax-free. As long as the funds are used to pay for qualified medical expenses, they are spent tax-free.

HSA Funding Limits
Each year, the IRS places a limit on the maximum amount that can be contributed to HSA accounts. For 2018, contributions (which include any employer contribution) are limited to the following:

HSA FUNDING LIMIT
Individual$3,400
Family$6,900
Catch-Up Contribution (ages 55+)$1,000

Air Medical Group Holdings will provide an employer matching HSA contribution that will be deposited on a per pay period basis.

EMPLOYER HSA MATCHING CONTRIBUTION
Individual$500