Health Savings Account (HSA)
If you enroll in the HDHP/HSA (Base Plan), you may open a Health Savings Account (HSA). You are not obligated to contribute to the account. However, if you do decide to contribute an amount each paycheck, those dollars will not be taxed.
You have the choice of using an existing HSA account or you can transfer your existing HSA funds to a Bend account. If you wish to transfer your funds, reach out to the CBA Healthcare Team for a Transfer form. Once you have opened your HSA, UMB Bank will send your Bend HSA debit card in the mail. The plain, white envelope will have an Omaha, NE return address. Bend offers a convenient online dashboard that identifies eligible expenses, tracks your deductible, and manages your contributions for only $1.50 per month. Once your balance reaches $1,000, you can begin investing your funds.
Your account is owned and maintained by you. The money you save is yours regardless of whether you change health plans,* retire, or leave the company.*You must be enrolled in a qualified HDHP to contribute to an HSA.
Eligibility for an HSA
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You cannot be covered by any other health plan unless it is also a HDHP.
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You cannot be claimed as a dependent on another person’s income tax return.
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You cannot be enrolled in Medicare.
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Your covered spouse cannot participate in a Health Care FSA.
Contributing to Your HSA
The annual maximum contribution you can make to your HSA is based on the coverage option you elect (employee only or family coverage). Employees age 55 and older are allowed to make an additional annual catch-up contribution of up to $1,000.
Covering Your Children
You can use the funds in your HSA to pay for eligible dependent expenses even if the dependent is not covered by the HDHP; however, you can only do so until they reach age 19 (age 24 if a full-time student). Once your children reach age 19 (or 24), they can open their own HSA at the family maximum limit.
