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U n ive r s i t y o f V i rg i n i aHealth Savings Account
Internal Use Only
Welcome to Chard Snyder Today
An employee benefits solution provider since
1988
Currently service nearly 1,400 companies
nationwide
Empowering you to make the most of your
money today and tomorrow
Internal Use Only
Internal Use Only
A Health Savings Account (HSA) is a special bank account you put pre-tax money into to pay for eligible expenses
You own the account
Savings on eligible items and services
Lower your taxable income
What is a
Health Savings Account
Internal Use Only
Save Money by Contributing Tax Free
Use Your Health Savings Account Tax Free
Build a Healthcare Retirement “Nest Egg”
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2
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The HSA Gives You Three Ways to Save
Internal Use Only
The HSA Advantage Gives you Control of Your Money
• Pay for qualified medical expenses for your family
• Investment opportunities to save for retirement
• You own the account … it goes with you
• After age 65, no IRS penalty for using funds for non-healthcare purchases (taxes may apply)
• Contributions from your employer
The Benefits of Enrolling in
The HSA AdvantageTM
Internal Use Only
• Must have insurance coverage in a consumer-driven High Deductible Health Plan only
• Have no other first-dollar medical coverage
• Self or spouse is not enrolled in a full healthcare FSA
• Not claimed as a dependent on another person’s tax return
• You (the employee) are not enrolled in Medicare or have not received veteran’s services in the past three months that are non-service related
• You have not already made maximum contributions to another HSA
Who is HSA Eligible?
Internal Use Only
• Automatically deposited into your HSA through payroll
• This year you will receive:
• $1,000 for single coverage
• $1,500 for single plus one or family coverage
• You choose if you would like to contribute
• The amount you choose is deducted from your paycheck tax-free
• Can be changed anytime during the year
Employer Contributions Employee Contributions
Your annual contribution amount cannot exceed IRS annual limits (Employer and Employee Combined)
Employer vs. Employee
HSA Contributions
Internal Use Only
• The total amount you can contribute to your HSA in a calendar year is determined by the IRS
• These amounts include Employer AND Employee contributions
• An additional $1,000 is allowed for those 55 and over
2018 2019
Single $3,450 Single $3,500
Family $6,900 Family $7,000
If you have an Individual or Family limit, your family (tax-dependents and spouse) may use your HSA funds
How Much Can I Contribute?
Internal Use Only
Eligible Expenses
Chiropractors
Contact Lenses / Solution
Dental Treatment
Eye Exams / Eyeglasses
Hospital Services
Laboratory Fees
Orthodontia
Prescription Drugs
and more
Ineligible Expenses
Cosmetic Services
Massage Therapy
Fitness Memberships
Teeth Whitening
Weigh-Loss Programs
Nutritional Supplements
Etc.
Where Can You Use Your HSA Funds?The IRS sets the rules on what services and items are eligible
What are the HSA
Eligible Expenses
Internal Use Only
Chard SnyderCustomer Service
Call us with any questions
Chard Snyder Website
Visit our website to find a full list of eligible items
Chard Snyder Mobile AppScan items for
eligibility before you buy
We Can Help You With Eligible Expenses
Internal Use Only
Use your Chard Snyder Benefit Card for a simple way to pay – your payment comes right out of your account.
As of September 1, 2018, The Benny prepaid benefit card will be replaced by the Chard Snyder Benefit Card.
Using The
Chard Snyder Benefit Card
Medical and Dental Offices
Vision Care
Urgent Care
Hospitals
Emergency Room visits
Lab and Diagnostic facilities
and more
Internal Use Only
• The Chard Snyder Benefit Card can only be used for eligible expenses
• The Benefit Card is good for five years
• Save your itemized receipts when using the card
• Whomever signs the back of the card, owns the card
Chard Snyder Benefit Card
Rules & Reminders
Internal Use Only
• Go online and pay bills directly to providers
• Self-pay at time of purchase or service and then pay yourselfback from your HSA.
• It’s a Simple transfer of funds process
Another Way to Access HSA Funds
You must be able to show the IRS that any money you took out of your HSA was for eligible expenses.
Internal Use Only
You may transfer an existing HSA into your HSA Advantage Account
• Grow your HSA Advantage account with self-directed mutual fund investments.
• Decide how much you want to keep in cash and set the threshold ($1,000)
• HSA Advantage will sweep funds into out of your interest-bearing account.
You Can Invest Your
HSA AdvantageTM Savings
Internal Use Only
Once you reach the threshold amount in your HSA account you can begin to invest.
• Log in to your account and click on Manage Investments
• The HSA Investment Account page displays your portfolio, performance, elections, and returns.
• Select funds, and update future elections within the dashboard
Health Savings Account Investments
Internal Use Only
Spouse is the designated beneficiary. it will be treated as your spouse's HSA after your death.
Spouse isn’t the designated beneficiary. • The account stops being an HSA, and• The fair market value of the HSA becomes taxable to
the beneficiary in the year in which you die.
If your estate is the beneficiary, the value is included on your final income tax return.
Add or update your Beneficiaries online in the Chard Snyder portal
Your Health Savings Account Beneficiary
An employee benefits solution provider
since 1988
Currently service nearly 1,400 companies
nationwide
Empowering you to make the most of your
money today and tomorrow
Internal Use Only
Log into your account
• View your balance• Manage Investments • Upload your receipts• Update your information • Enable Text Alerts
Tools and Support
• Frequently asked questions• Videos• Forms• Tools
www.chard-snyder.comThe Chard Snyder Website
Internal Use Only
Chard Snyder Mobile App
• View investment summary
• View account balances and transactions
• Request reimbursements
• Scan products for eligibility(Plan restrictions may apply)
Manage your plan on the go
Chard Snyder Mobile App
Internal Use Only
The Chard Snyder Benefit Card Good for 5 years; expiration date is on cardOnly use for eligible expenses
Save All of Your Itemized Receipts
Receipts must have:
• Name of person who incurred the service or expense• Date of service during plan year• Type of service• Providers name and address• Amount you owe
You may be asked to provide proof at tax time your expenses from you HSA were eligible
Follow the IRS Rules• IRS penalties and perhaps further auditing• 20% excise tax• Income taxes are applied
Things to Remember When Using your
Health Savings Account
Internal Use Only
Customer ServiceLive Chat, Call, Email or Fax
800.982.7715 | askpenny@chard-snyder.com
Chard Snyder Website
www. chard-snyder.comAccount AccessForms & Resources
Chard Snyder Mobile App
• Access Balance and Transactions• Submit Claims
How Can We Help You?
Tools & Technology
Your
tomorrow
today www.chard-snyder.com
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