Helpful Hints for HSA's

Due to an increase in our calls lately on this subject, our team felt like it might be helpful to provide an explanation for HSA's (Health Savings Accounts). Understandably, this is a confusing topic and knowing how to navigate your benefits is important so the maxiumum outcome can be achieved.

A HSA is a tax exempt savings account whose funds:

1.  Are not subject to federal income tax at the time of deposit.
2.  Roll over and accumulate year to year if it is not spent and is yours to keep if you leave employment.
3.  The money can only be used to pay for qualified medical and prescription expenses at any any time without federal tax liablility or penalty.

It is important to remember that the HSA:
1.  Is a bank account.
2.  It cannot have funds withdrawn without your permission from the carrier; however, if you leave your card information on file with a provider, they may automatically run it.
3.  It can be subject to overdraft fees.
4.  They do not communiate with the carrier or vice versa.
5.  It is not the same as your deductible.

If you have any questions, please contact Member Services on the back of your ID card or you can call the MB Customer Care team for assistance.