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What Is a HSA Spending Account?
An HSA spending account is basically a bank account that you set up that can be used to pay qualified health expenses now, as well as to pay for future health expenses on a tax-advantaged basis.
Contributions, earnings, and distributions (when used to pay for qualified health expenses) are 100% exempt from federal income tax.
You set up your personal HSA spending account through HighMark BCBS (they currently use Bank of America as the custodian.)
An HSA spending account also comes with a HighMark BCBS personal debit card(s) to use immediately to pay for any qualified health expenses. Or you can also pay for qualified health expenses personally and get reimbursed later from your HSA spending account.
Differences of Health-Saver (HS) plans?
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What Are Some Advantages of Having a Health Savings Account?
Triple Tax Savings:
- Contributions made to the account are tax-free
- Earnings grow within the account tax free
- Funds you use to pay for qualified health expenses are not taxed
Reliant will contribute to your HSA with each paycheck
You can take your personal HSA spending account with you if you leave employment with Reliant (you own it!)
You can invtest your money in mutual funds for more tax-free earnings (with $500 minimum account balance)
Use your HSA debit card to pay for health expenses directly out of your HSA spending account
How to Enroll in an HSA
- Fill out a new cafeteria plan enrollment form. You need to fill out a new cafeteria enrollment form each year.
- Register on Highmark's website, www.highmarkbcbs.com, once you have received an email from Reliant confirming that you have been enrolled.
- Set up HSA on www.highmarkbcbs.com. Instructions to set up HSA are at www.highmarkbcbs-hsa.com.
- Once you have requested for the HSA to be activated, send hr@reliant.org a screenshot of your request for HSA activation.
- You will receive a debit card to use for your HSA after about two weeks.
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