Health Savings Accounts (HSAs) for Wellesley College
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Transcript of 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
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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.
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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© 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.
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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© 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.
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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© 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.
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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© 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
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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© 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.
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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© 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.
Registering Online
From the WageWorks.com homepage, click Log In/Register -> Employee Registration
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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
HSA & Limited Purpose FSAEmployee Experience
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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.
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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© 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.
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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© 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.
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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© 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.
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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© 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.
Accessing BNY MellonFrom your HSA Account Activity page, click “Investment Options” to access
your BNY Mellon account
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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.
Mobile Account Access
Mobile Site EZ Receipts App
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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.
Visit WageWorks.com for plan information, eligible expenses, forms, and more
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Online Resources
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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.
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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© 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
Questions?