General Information

Your Health Savings Account is a tax-free savings account that can be used in conjunction with your High Deductible Health Plan. You can use your HSA to get reimbursed for qualified healthcare, dental and vision expenses. Your account is a portable account that you can keep with you even if you change jobs, change your medical coverage, become unemployed, move to another state or change your marital status.
Each year that you have coverage under an HSA-Qualified “High Deductible Health Plan” you can contribute to your health savings account. For the 2017 calendar year you can contribute up to $3,400 if you have self-only coverage and up to $6,750.00 if you have family coverage.
Funding of your Health Savings Account
Your Employer will make contributions to your HSA account by withholding funds from your paycheck on a pre-tax basis. If you would like to send any additional funds to the HSA outside of your paycheck contributions, you will need to complete the HSA CONTRIBUTION/DEPOSIT SLIP which can be requested from Flex Administrators, Inc. Once a deposit is initiated, it will typically take up to two days for the funds to show in your Health Savings Account.

Claims Vault™

The online system provided by Flex Administrators, Inc. allows you to store necessary documentation for later need. You can build up your account and earn interest before you deduct the reimbursement from your account. You determine how you will use your account for medical expenses.
Your medical expenses will be billed automatically to your insurance carrier. Once your insurance carrier processes the claim you will receive an Explanation of Benefits (EOB) showing your patient responsibility. Typically you will save these EOB’s and receipts in your home files or “shoe-box” file. This “shoe-box” of receipts and EOB’s represent your responsibility. The “shoe-box” of receipts can be converted to an electronic image and stored in our secure database. The information relating to each receipt and expense can also be stored in this database. This information can be viewed at any time 24/7/365. This is what we call the Claims-Vault™.
The total amount of your responsibility can then be used as substantiation for a request for withdrawal from your HSA.
While you are not required to submit your receipts to the Claims-Vault™ in order to receive reimbursement, this is an option to assist you in assuring that your expenses are considered qualified by the IRS.

How to Request a Distribution/Reimbursement

When you wish to withdrawal funds from your HSA account you have 3 options:
1) Go to your account online and REQUEST WITHDRAWAL.
2) Complete the HSA TODAY EXPENSE DETAIL AND REQUEST FOR DISTRIBUTION form and send to Flex Administrators, Inc. via email, fax or mail.
3) Swipe the mySourceCard debit card to pay for the expense.

Interest Earned From HSA’S

One of the key goals of having a Health Savings Account is the long-term savings of your money. However, you also need to have access to your funds when you need it. Your HSA money is held in two “liquid” accounts so your funds are readily available when and where you need it.
CASH – The first $500 of your HSA funds must be maintained in a cash balance account. This includes your $25.00 minimum account balance. While funds in your cash account do not earn interest, any amount in excess of the $500.00 automatically flows into a savings account.
SAVINGS – The savings account is for any funds in excess of $500.00 and it is a Money Market Fund. This account will earn interest on a daily variable rate. The rate can be found under the “Savings Rates” section at www.myhsatoday.com/nat. These earnings will post to your account monthly. While the Money Market Funds are not FDIC-insured bank savings accounts, they are traded on par with the dollar. Therefore, the funds are very stable and have virtually no market risk associated with them.
Investing Your HSA Funds
Once you have $1,000.00 in your HSA account you can begin to invest your funds. Please keep in mind that this investment program is intended for long-term investments only and should not be used for short-term cash availability. There is a fee of $3.00 per month that you have your funds invested.
For more detailed information regarding the investment options, please see the “Your Guide to Enrolling in Your HSA Investment Program” brochure HERE.

Tax Forms

At the end of the year you will receive three forms needed for filing your taxes:
1) FORM 8889 (Contributions & Distributions) – This form will be uploaded to your account online only.
2) Form 1099 (Distributions) – This form will be mailed to your home address as well as uploaded to your account online.
3) Form 5498 (Contributions) – This form will be mailed to your home address as well as uploaded to your account online after April 15 of the following year for the previous year.

Account Fees

Fees Covered by your employer
• Account Set-up Fees
• Monthly Administrative Fees

Services included at no cost:

• Online Account Access
• Online Monthly Savings Statements
• Online Monthly Investment Statements
• Regular Distributions by EFT
• Debit Card
• Annual Statements by Mail
• Form 1099-SA & 5498-SA by Mail

Fees you may incur:
(These are retail rates charged directly to your HSA)

• Monthly Investment Option $3.00
• Deposit Return unpaid $15.00
• Overdraft/NSF per item $22.50
• Debit Card Reissue Fee (per card) $5.00
• Withdrawal by paper check $3.00
• Close Account Fee $25.00
• Balance Transfer Fee (Trustee-to-Trustee) $15.00
• Stop Payment per item $20.00
• Wire Transfer (Individual or Employer) $30.00
• Monthly Statement by mail $3.00
• Copy of Check, Statement, 1099, 5498 $5.00
• Corrected IRS Filing Fee (non-banking error) $10.00

For more information regarding Health Savings Accounts, please click HERE.

For a list of eligible items, please click HERE.