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What Is a
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Health Savings Account (HSA)?
An HSA spending account is basically Health Savings Account (HSA) is 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. The IRS allows these sorts of bank accounts for individuals whose medical coverage is provided through a High Deductible Health Plan. Reliant's versions of these medical plans are the HS1500, HS3000 and HS5000. Individuals who utilize these health plans have the ability to open HSA's.
Contributions, earnings, and distributions (when used to pay for qualified health expenses) are 100% exempt from federal income tax and social security tax.
You set up your personal HSA spending account through HighMark BCBS (they currently use Bank of America as the custodian.) and their preferred vendor, which is Bank of America. This bank account has to be set up by you, the missionary, and it stays with you even beyond your employment with Reliant. (Remember, Guidestone is our insurance provider, who uses Blue Cross Blue Shield to administer its plans, who uses BOA as its banking vendor.)
After you have opened your HSA, BOA will provide 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 If needed, you can may also pay for qualified health expenses personally and get reimbursed reimburse them later from your HSA spending account.
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- If you are a current missionary participating in Open Enrollment for 2017, fill out 2017 Open Enrollment Form for U.S. Missionaries. If you are a new missionary, fill out the 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. user-1a794 You have until the payroll deadline (20th of the month) to send in proof of the activation of your account in order to receive employer contributions. If you miss this deadline, you will not be able to retroactively receive the Reliant employer contribution but will be able to receive the contribution going forward.
- You will receive a debit card to use for your HSA after about two weeks.
- HSAs may have up to 3 Debit Cards for dependents in addition to the policyholder's debit card.
- Dependents must be at least 16 years’ old.
- Requests may be made by phone or online.
- Highmark website (login as policyholder) > Spending > Debit Card > Dependents & Beneficiaries > GO>Debit Card > Order Debit Card.
- Dependents must be at least 16 years’ old.
Frequently Asked Questions
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Q: Can you deposit money into your HSA outside of payroll deductions?
A: Yes.
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Q: What are the covered medical expenses that I can pay for using my HSA debit card?
A: Any medical expense that is actually a medical expense. These include doctor visits, prescriptions, dental costs, vision costs, birth control, and any care that is prescribed by a doctor (you'll want to keep the note from the doctor in your records). Ultimately, allowed expenditures are guided by IRS regulations. Here is one accounting firm's detailed list: https://tax.thomsonreuters.com/hcet-ebia/hmrk. Be aware that you will need to keep receipts of your expenditures for your tax records.
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| For more HSA answers, see www.highmarkbcbs-hsa.com or Guidestone HSA FAQs. |
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