Health Savings Account (HSA) FAQs How do I access my HSA funds to pay for my out-of-pocket medical expenses?   

WageWorks will provide a Healthcare Card to be used like a debit card. You can request a direct payment to your bank account through your WageWorks account. You can request a direct payment to your provider through your WageWorks account

What can I use my HSA funds for? 

Your HSA funds can be used for medical, dental and vision expenses for yourself, your spouse and tax-dependent children.

Are there circumstance makes me ineligible for an HSA?  

If you have other health coverage that is not a High Deductible Health Plan (HDHP). If your spouse is enrolled in a medical flex plan o To take advantage of tax benefits of contributing to an HSA, you could put the money that was going into your spouse’s flex account into your HSA (up to the annual maximums) and avoid the “use or lose it” requirement of a flex account.

My spouse is on Medicare, can we continue to contribute to the HSA?  

Yes, if you have family coverage you can contribute up to $6900/year. Yes, if you have single coverage you can contribute up to $3450/year.

My spouse is 65 and enrolled in Medicare, can we still use HSA funds for his/her expenses? 

Yes, your HSA funds are available to pay for your spouse’s medical expenses.

I am 65 and enrolled in Medicare Part A. If I enroll in the HDHP, can I still contribute to an HSA? 

Unfortunately, you will not be able to contribute to an HSA.

Will the HSA contribution be available for 2018? 

In all likelihood yes. Although subject to negotiations, Minot Public Schools intends to contribute to the HSA in 2018.

How do I contribute money to my HSA?  

You will be able to contribute through automatic payroll deductions. The payroll deduction is determined annually. You can also contribute additional funds through a direct deposit to WageWorks from your personal checking or savings account. o Personal deposits to an HSA will provide the same tax benefits that you receive through payroll deductions. To realize this tax benefit, you will file tax form 8889 with your taxes.

When does my HSA start accruing interest? 

Interest will be paid on balances of $3000 or more.

Can I invest my HSA funds? 

Investment opportunities are available with HSA balances of $5000 or more.

What are the annual HSA maximum contributions?   

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Single plan contribution to an HSA is $3450/year. SPD and Family contribution to an HSA is $6900/year. Although Minot Public Schools has a tier of coverage of Single Plus Dependent, the government only differentiates between single and family plans and therefore the SPD tier of coverage can contribute up to $6900/year. The maximum is reached by a combination of Minot Public Schools and personal funds.

Can I contribute more than the annual maximum?  

When you turn 55 there is a “catch up” provision that allows you to contribute an additional $1000 to your HSA. In addition, if your spouse is covered under your health plan and is or turns 55, your spouse is also eligible for the “catch up” contribution.

Do I have to contribute to receive the contribution from Minot Public Schools? 

No, but personal contributions are strongly encouraged.

Can I used my HAS to pay for health insurance premiums?  

HSA dollars can be used to pay the following premiums: COBRA, Long-term care, Medicare Part A, B & D, Medicare Advantage plans. You cannot use your HSA to pay your portion of the premium you are enrolled in through Minot Public Schools.

If I use HSA funds for Dental and Vision services, do the services count towards my deductible? 

Routine dental/vision services are not covered under the health plan and therefore do not apply to the deductible. You can use HSA funds to cover your out of pocket costs for the services.

What is a Limited Flex Spending account? I thought you couldn’t have a flex account and an HSA? 

A Limited Flex Spending account allows you to set aside additional pre-tax dollars for Dental and Vision expenses. This is the only type of flex account that you can pair with an HSA. An example of when using a limited flex account is when you are paying for orthodontia expenses such as braces.

Please feel free to contact Middaugh & Associates to assist you with your questions. You can contact us at 701-235-7023 or 1-800-803-7023. Dave Middaugh, Jason Middaugh, Dave Olson or Karen Hanson are available to assist you. Your HSA administrator, WageWorks, has a website that may also provide you with answers. The website is: www.wageworks.com.