What is an HSA?
A health savings account, also known as an HSA, is an employee benefit program that lets employees contribute pre-tax money through payroll deductions to pay for certain health care expenses.
HSAs are available only with high-deductible health plans. Employers may make contributions to their employees' HSAs, and will not be required to pay wage taxes on those contributions.
Am I eligible for an HSA?
In order to be eligible for an HSA, an employee must:
- Be enrolled in a qualified high-deductible health plan.
- Not be covered by another non-qualified healthcare plan, such as a health plan sponsored by a spouse’s employer, Medicare, or TriCare.
- Not be claimed as a dependent on another individual’s tax return.
Note: Employees cannot enroll in a Health Savings Account (HSA) and a Health Care Flexible Spending Account (FSA) or a Health Reimbursement Account (HRA) at the same time. If an employee would like to enroll in both HSA and FSA, the employee should enroll in the Dependent Care FSA and the HSA. They cannot enroll in both the HSA and Health Care FSA account .
When do my HSA contributions become available?
Your HSA contributions become available as they're deducted from your paychecks. To view your available HSA funds, click on the Health Savings Account app on your dashboard and look under Benefits Summary.
What happens to my HSA funds when I leave my company?
Your HSA funds are yours to keep for as long as you keep your HSA open. You can continue using your funds to pay for eligible medical expenses even after you leave your company. However, contributing to an HSA requires that you're enrolled in an HSA plan. Your HSA will be terminated with Zenefits on the same day as your termination. You will not receive any further contributions beyond this date. So you won't be able to contribute to your HSA until you enroll in another HSA plan. If you are using Avidia Bank you can check out this Help Center article for more information.
Can I use my HSA with Medicare?
Once an individual signs up for Medicare Part A or B (which usually happens at age 65), they can no longer make contributions to their HSA, but can continue to access the funds.
Do my HSA funds carry over year to year?
Yes. Your HSA balance carries over into the following year with no renewal necessary. HSAs do not have a “use it or lose it” policy.
Can I leave my WealthCare Saver HSA to my spouse or beneficiary?
Yes! If you leave your HSA to your spouse in the event of your death, they assume ownership of the account. If your beneficiary isn't your spouse, however, you can only leave them your HSA as a taxable cash distribution.
- Log into your Zenefits account.
- Click on your Health Savings Account App.
- Click on Go to HSA Portal.
- Click on My Accounts.
- Click on View Beneficiaries.
- Click on the link to Add a Primary Beneficiary.
- Return to the mail/email address on the form.
When will WealthCare Saver HSA funds be debited from my company account?
Employees' HSA contributions are deducted at the same time as other normal deductions, and stay in the company's account. The company's HSA provider will debit these contributions from the company's account (via ACH), and then deposit them in employees' HSA accounts.
Contributions are debited from the company's account after each check date.
Once debited from the company account, contributions take about three days to post to employees' HSA accounts.
What happens to my WealthCare Saver HSA if I switch to a non-compatible medical plan?
HSAs are available only with compatible high-deductible health plans. If you switch to a non-HSA compatible plan, you'll no longer be eligible to contribute to your HSA. Your existing HSA funds are yours to keep, so you'll still be able to use the funds in your HSA after you switch medical plans.
If your account is with WealthCare Saver, you can continue to use your Zenefits card to access the remainder of your funds.
You will still see the Health Savings Account app on your dashboard.
How do I receive my HSA statements electronically from WealthCare Saver?
Employees with an HSA through WealthCare Saver can log in to the Zenefits Flex Benefits portal by clicking on the Go To HSA Portal button in the Health Savings Account app.
To have WalthCare Saver email HSA account statements in order to avoid paper fees, employees can follow the steps below.
- From the personal dashboard, click the Health Savings Account.
- Click Statements.
- Select Electronic Only.
- Enter the given PDF PIN Number.
- Click the Submit button.