Save smarter for healthcare with a Wells Fargo HSA · Wells Fargo Online® Dedicated customer...
Transcript of Save smarter for healthcare with a Wells Fargo HSA · Wells Fargo Online® Dedicated customer...
Save smarter for healthcare
with a Wells Fargo HSA
October 2015
© 2015 Wells Fargo Bank, N.A. All rights reserved.
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Welcome!Today we’re going to talk about
How an HSA works
Five reasons to open an HSA
Basics for using an HSA
How an HSA works
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Health Savings Account (HSA)
HSA
Save Pay
Kellogg Community
CollegeHSA-qualifiedhealth plan
All plan costs are covered
You pay 100%
You pay a percentage
(coinsurance)
Deductible Out-of-pocket maximum
Use your HSA to pay your portion of your healthcare costs
How an HSA works
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Who can open and contribute to an HSA?Eligibility rules
Must be covered by an HSA-qualified health plan
• Certain deductible and out-of-pocket requirements
• 100% preventive care coverage
To open and contribute you:
Cannot open and contribute if you:
• Are covered by other health insurance*
• Are enrolled in Medicare
• Are eligible to be claimed as a dependent
• Special rules apply if you’ve received health benefits from Veterans Affairs or Indian Health Services
*Some exceptions apply.
Five reasons to open an HSA
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Five reasons to open an HSA
1INVESTMENT PRODUCTS: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE
HSAs are for any age or stage
For today
Pay for qualified healthcare expenses
For tomorrow
Build a healthcare safety net
For the future
Invest your HSA funds for retirement1
1More than a spending account
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Fact HSA ≠ FSA
Myth HSA = FSAHealth Savings Account
Flexible Spending Account
Five reasons to open an HSA
1More than a spending account
2Money never expires
You own your HSA
The money carries over
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Even if they’re not covered by your health plan
You Yourspouse
Tax dependents
Use your HSA for
Five reasons to open an HSA
1More than a spending account
2Money never expires
3Use it for your family
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$100 earned in take-home pay
$70 in your pocket
$30 in taxes
$100 earned and saved in an HSA
$100 in your HSA
$100/month in your HSA
=$360/year in tax savings
HSA savings are tax-free
Five reasons to open an HSA
1More than a spending account
2Money never expires
3Use it for your family
4 Save on taxes
All tax references are at the federal level. State taxes vary. Please consult a tax advisor with questions. The 30% illustrative example assumes 25% federal and 5% state tax savings. Actual savings vary.
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1More than a spending account
2Money never expires
3Use it for your family
5More control and flexibility
4 Save on taxes
Add the difference to
your HSA
Your employer’s contribution
Build your HSA balance to+ =
This gives you:
+ A safety net for healthcare
+ No change in take-home pay
+ Flexibility to spend only when you need care
Five reasons to open an HSA
Basics for using an HSA
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Online Bill PayGreat for invoices
Pay another wayAnd reimburse
yourself at any time
Wells Fargo HSA Debit Card
Easiest way to pay
Convenient payment options
Using your HSA for qualified expenses
Qualified healthcare expenses
Qualified
Doctor’s visits
Specialty careex. Chiropractor, Cardiologist
Prescriptions
Dental health
Eye health
Medical supplies
You are responsible for determining which expenses are qualified. Wells Fargo does not monitor your expenses. List is not complete.
Typically not qualified
Cosmetic surgery
Over-the-counter meds Unless you have a prescription
Teeth whitening
Vet bills
Learn more at
wellsfargo.com/
hsaqualifiedexpenses
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Individual coverage
$3,350
Family coverage
$6,750
If you’re age 55+
Can contribute an extra $1,000/year
Set up your savings
1Your personal contribution limit may be lower than IRS maximums. Please consult your tax advisor with questions. 2Transfer funds from an existing HSA or make a one-time transfer from an IRA. IRA transfers count toward the annual limit. Please consult your tax advisor with questions.
2016 contribution limits1
These limits include any money your employer adds to your account
Ways to save
Payroll deductions
Your easiest option
Other options:
• Transfer from an IRA or HSA2
• Regular or one-time contributions online
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Saving in your HSAEvery little bit counts
$3,000 $6,000 $9,000
$50
per month
$6,000 $12,000 $18,000
$100
per month
$15,000 $30,000 $45,000
$250
per month
If you save: In 5 years In 10 years In 15 years
Set a savingsgoal based on
Last year’s health expenses
Your health plan’s deductible
Expenses that are coming up
Potential healthcare costs in retirement
Assumes all funds are saved in the FDIC-insured deposit account portion of the HSA. Does not reflect interest.
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Sweeten your retirement strategyInvest your HSA dollars
The average retired couple today will need about $250,000 for healthcare expenses in retirement.1
Did you know
Use an HSAto prepare for those expenses
1Individual situations vary. Source: Center for Retirement Research at Boston College.
Invest in a broad range of mutual funds
Access to HSA funds, even if
they’re invested
No taxes on investment earnings
INVESTMENT PRODUCTS: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE
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Anytime, anywhere access to your HSA
Mobile and text banking
Wells Fargo Online®
Dedicated customer
service team
Available 24/7 starting in 2016!
By phone At home On-the-go
Already a Wells Fargo customer?
Manage your HSA with your other accounts
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Get started
Enroll in your company’s HSA-qualified health plan
Get more flexibility and control
Set up automatic pre-tax payroll deductions
Easy way to build your balance
Discover how an HSA might fit your needs
wellsfargo.com/hsatool
Look for your HSA materials in the mail
Including your HSA debit card and PIN
Questions?
The information provided is educational in nature, not advice. Consult a tax or investment professional for advice.
Take advantage of an HSA
Enroll Benefits enrollment begins [enter date]
Discover HSA Expert interactive toolwellsfargo.com/hsatool
Helpful videoswellsfargo.com/hsaoverview
Call HSA-dedicated customer service1-866-884-7374
Monday-Friday: 6:00 a.m.-10:00 p.m. Central Time
Will be available 24/7 starting in 2016!