medical/rx/dental/vision  Health Savings Account (HSA) Health Savings Account (HSA) |
May 14, 2024 |
You will incur a $1.50 paper statement charge when you opt into receiving paper statements. Go to optumbank.com to manage and update your account information including opting out of paper statements or call AGBenefits Advisor @ (800) 397-9249 for assistance.
Health Savings Account (HSA)
When you choose one of the Consumer Plans, you may be eligible to open a tax-advantaged health savings account (HSA), administered by Optum Bank. Health savings accounts (HSAs) are similar to checking accounts that allow you to pay for eligible health care expenses now or save for future eligible health care expenses with pretax dollars. Annually, AG contributes to your account between $300 - $1,000 (depending on the plan you choose and level of coverage).
Highlights
- You own the account - you even take it with you if you leave AG.
- Unlike a flexible spending account, your balance rolls over from year to year and may even earn interest which can help your savings grow over time.
You can earn additional HSA dollars for completing wellness activities. Go to the Rally Rewards Page for all of the details.
- It's triple tax advantaged. Not only are your contributions into the account pre-tax and your payments out of the account not taxed, but your earned interest on the account grows tax free. (Eligible HSA contributions are not subject to federal taxes. They may be subject to state/local taxes. Currently HSA contributions are subject to state income taxes in California and New Jersey. HSA earnings, but not eligible contributions, are taxed by California, New Hampshire and Tennessee. Consult your financial advisor or state department of revenue for more information.)
- You pay for eligible expenses with a convenient debit card. Be sure to keep your receipts - the IRS may request that you show proof of how you used your tax-free money.
- Click here for more information on how to use your account and helpful online tools + resources.
HSA Employer Contribution Funding Information
Employer contribution funding information: Click here
- Greeneville Union associates, please login to myAGBenefits to see your HSA funding information.
Open Your Account
Opening your account is easy.
- Be sure you meet eligibility requirements to open the HSA and you are enrolled in the Consumer Plan or Enhanced Consumer Plan
- Be sure you are not:
- Covered by another health plan (for example, a spouse's plan) that is not a high-deductible health plan
- Enrolled in Medicare, TRICARE or TRICARE for Life
- Eligible to be claimed as a dependent on someone else's tax return
- A recipient of Veterans Affairs benefits (except for preventive care) within the past three months. If you have a disability rating from the VA, you are eligible.
- Your account will be automatically opened for you once you authorize American Greetings to act as your agent, in the online enrollment system. This authorizes Optum to open and administer/maintain your account and authorizes American Greetings to contribute to your account and administer your elected per pay period contributions, as well as send and receive information from Optum Bank on your behalf.
- You must complete the authorization. Failure to complete the authorization will mean you waive your right for company paid contributions as well as your per-pay contributions.
Contribute to Your Account
Build your savings by contributing to your account with convenient pretax payroll deductions up to IRS limits (includes company contribution):
2024
- $4,150 for single coverage
- $8,300 for employee +1 or more coverage
If you are age 55 or older and not covered by Medicare, you may be eligible to make an additional catch-up contribution of up to $1,000.
Investing With Your HSA
Once your HSA balance reaches the investment threshold of $2,000, you may choose to invest a portion of your funds in mutual funds – just like your 401(k). Click Here for information on how to get started, find out what funds are available and the tools available to help you decide how much and where to invest your funds.
Changes to Your Account
Your eligibility to make contributions to an HSA can change mid-year for many reasons. For help determining your prorated HSA contributions after a change, go here: HSA Contributions - mid-year changes. You can make changes to your pretax contributions at anytime during the year by logging into myAGBenefits. Go to: Change my Benefits>Events>Update HSA Contributions.
Questions? Want more information?
- Visit www.optumbank.com
- Contact the IRS at www.irs.gov or call at (800) 829-1040
- Check your most recent paystub for both your contributions and American Greetings contributions to your current calendar year HSA.
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