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Health Savings Account FAQ's

What is an HSA?

A health savings account  (HSA) is a tax-exempt account to pay or reimburse medical expenses that you incur.

What are the Benefits of an HSA?

  • Contributions to you HSA made by Davis School District are excluded from your gross income (pre-tax).
  • All Contributions remain in your account until you use them. You don't have to worry about losing any money!
  • Interest and other earnings on assets in the account are Tax Free.
  • Distributions may be tax free when used for qualified medical expenses. Click here to see a list of Qualified Medical Expenses.
  • If you leave the Davis School District your HSA will stay with you wherever you go.

Can I Participate?

  • You must be eligible for insurance and be enrolled in a High Deductible Insurance Plan to participate. If you are not sure whether or not sure whether or not you are insurance eligible, please contact Denise Robins in the Insurance Department at 801-402-5139.
  • You cannot be covered under another Insurance Plan or enrolled in Medicare.
  • You cannot be claimed ad a dependent on someone else's tax return.
  • You cannot be enrolled or contributing to a Regular Flex Spending Account.
  • You can be enrolled and contributing to a Limited Flex Spending Account. The Limited Flex is only for vision and dental expenses.

What can I contribute?

The maximum that you can contribute in 2017 is $3,400.00 (Individual) or $6900.00 (2-party or Family).

This amount includes employer-paid and employee-paid contributions. In other words, you must reduce the maximum contribution amount by the total amount that the Davis School District is contributing on your behalf to calculate the maximum amount that you can contribute through payroll deduction.

  • If you are 55 years of age or older you can contribute an additional $1,000.00
  • If you become an eligible to participate on the first day of December, you can still contribute the entire maximum amount.
  • Beginning the first month that you are enrolled in Medicare, your contribution drops to zero.
  • Any contributions in excess of the maximum amount are not deductible are subject to tax.
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How do I Start/Change my Contributions?

You can start and/or change your HSA employee-paid contributions through the Payroll Management Systems.

  • Login to your Payroll Management
  • Click the "Update Payroll Info: Tab
  • Click the "Deductions" Tab
  • Click Start/Edit/Stop Button to start and/or change the amount that you are contributing

When will Contributions show in my Account?

Employer-paid contributions show in your account within the first 5 days of the month. (ie: January 1-5th).

Employee paid contributions will show in your account by the 15th of the month (ie: January 10th-15th).

If you and your Health Care Provider are working to set up a payment plan, it would be a good idea to make the payments due after the 15th. This will ensure that all contributions will be in your account before your payment is due.

How do I make payments from my HSA?

You can make direct payments to your Health Care Provider with the Health Equity HSA Debit Card or you can pay the expenses out-of-pocket and then reimburse yourself.

  • You can still receive tax-free distributions to pay or reimburse your expenses, even if you are no longer eligible to participate.
  • If you receive distributions for expenses that are not qualified, the amount that you withdraw will be subject to income tax and may be subject to an additional 20% tax.
  • You do not have to make distributions or get reimbursed each year.
  • You can make payment for qualified expenses for you, your spouse, and any dependents that you can claim on your tax return.
  • Click here to see a list of Qualified Medical Expenses through the Health Equity Website.
  • Insurance premiums are not considered qualified medical expenses.

Will my HSA show on my W2?

Both employer-paid and employee-paid contributions will be included in Box 12 on your W2. it will be coded with a "W" next to the amount that was contributed. Also in the Earnings and Benefit Summary in the bottom right-hand corner of the W2 will show the amount of the employer-paid contributions. This information will be important for when you have to file your taxes because it will help you fill out FORM 8889.

What is Form 8889?

When you file your taxes at the end of the year, you will need to file a Form 8889 with your 1040. You must file this form even if only Davis School District made contributions to your HSA. If you have an HSA as an employee and you are also a beneficiary on your spouse's HSA, you must file a separate form for each HSA.

 

Other Helpful Information

  • NO MONEY UP FRONT- Unlike a Flex Spending Account, there is no money up front. This may make it hard if you have a large expense at the beginning of the year.
  • Balance Rollover- If you still have a balance in your account at the end of the year,  it will rollover to the next year.
  • Most Doctors may be willing to discount the cost of procedures, if you are willing to pay for the procedure up front. Your Doctor may also be able to find lower cost substitutes that will work just as well. Check with your Doctor, it can't hurt!

Flex Spending FAQ's

What is Flex Spending?

The Davis School District Payroll Department, along with National Benefits Service (NBS), provides all employees the opportunity to participate in the 125 Cafeteria Savings Plan (also known as a Flex Spending Account). A Flex Spending plan enables you to save money on group insurance, healthcare expenses, and dependent care expenses. Your contributions are deducted from your paycheck by your employer before taxes are withheld. These deductions lower your taxable income which will save you money on income taxes.

Can I participate?

All District Employees are eligible for a Flex Savings Account.

When can I sign-up?

You must enroll in Flex Spending during open enrollment in the District. This happens in November for the upcoming Calendar Year.

  • Flex is based on the tax year (January 1st to December 31st)
  • You must re-enroll every year during Open Enrollment to continue to participate.
  • Flex money does not roll over to the next year. If you don't use it, you will lose it.
  • There is a grace period that allows you to incur additional expenses until March 15th of the next year.
  • All funds need to be claimed by the last business day in March of the next tax year. 

What can I use it for?

How much can I contribute?

The maximum annual election amount for health care expenses is $2,600 and for dependent care is $5,000.

How do I make a change in status or check my balance?

NBS has created a new and improved participant log-in where you can view your account details. You can go to Employee Flex Log-In to see step-by-step instructions for your first time logging-in. In order to log-in to the new Portal you will need your SSN and your Employer ID #.  The Davis School District's Employer ID # is NBS746948.

For change of status information please contact Elizabeth Ward 801-402-5232 or email elward@dsdmail.net.

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