Health Savings Account & Flexible Spending Accounts

Health Savings Account (HSA)

Administered by McGriff Insurance Services. Available with the Core Plan/HSA only. Enroll via Benefitfirst.

• You are enrolled in an HSA-eligible Consumer-Driven Health Plan.
• You are not covered by your spouse’s or parent’s non-CDHP.
• You do not or your spouse does not have a Healthcare Flexible Spending Account or Health Reimbursement Account.
• You are not eligible to be claimed as a dependent on someone else’s tax return.
• You are not enrolled in Medicare or TRICARE.
• You have not received Department of Veterans Affairs medical benefits in the past 90 days for non-service-related care. (Service-related care will not be taken into consideration.)
• Funding: Pre-tax Paycheck Contributions; Employer Pre-tax Contributions
• You can save and roll over HSA funds to the next year if you don’t spend them all in the calendar year. You can even let funds accumulate year over year to use for eligible expenses in retirement.
• There are no vesting requirements (you own all contributed HSA funds immediately) or forfeiture provisions (you keep all HSA funds whether you leave the company or retire).
• HSA funds are also portable if you change plans or jobs.
• HSA contributions are made through payroll deduction on a pre-tax basis when you open an account with McGriff Insurance Services. The money in your HSA (including interest and investment earnings, if any) grows tax-free. When the funds are used for qualified medical expenses, they are spent tax-free.*
• Your HSA can be used for qualified expenses for you, your spouse, and/or tax dependent(s), even if they’re not covered by your plan. If you are not currently enrolled in a CDHP but you have unused HSA funds from a previous account, those funds can still be used for qualified expenses.
• McGriff Insurance Services will issue you a debit card with direct access to your account balance. Use your debit card to pay for qualified medical expenses — no need to submit receipts for reimbursement. Like a regular debit card, you must have a balance in your HSA account to use the card.
• Eligible expenses include doctors’ visits, eye exams, prescription expenses, laser eye surgery, menstrual products, PPE, over-the-counter medications, and more. Visit IRS Publication 502 on www.irs.gov for a complete list.
• The Charah HSA is established with McGriff Insurance Services. You may be able to roll over funds from another HSA. For more enrollment information, contact Human Resources or visit www.McGriff.com.
• Per IRS regulations, if HSA funds are used for purposes other than qualified medical expenses and you are younger than age 65, you must pay federal income tax on the amount withdrawn, plus a 20% penalty tax. This is why it’s important to know what medical expenses qualify for HSA use and to keep track of where you spend your HSA funds.
• State income taxes are also waived on HSA contributions in almost all states.
• Account access: www.McGriff.com · 800-768-4873