Health Savings Accounts
HSAs provide participants with an important tax advantage that can help pay health care expenses on a pre-tax basis. Unlike an FSA, funds rollover from year to year with no “use it or lose it” philosophy. Additionally accounts are portable and offer investment opportunities.
Calculate your potential savings with the HSA Tax Savings Calculator.
Compare plan options with the Plan Comparison Tool.
Who is Eligible and When
Active associates working a minimum of 30 hours per week and who are participating in the compatible medical “HSA Plan” are eligible for enrollment. In addition, participants enrolling for an HSA account must not be:
- Covered under another “traditional” medical plan, “unlimited” Medical Reimbursement FSA, HRA Tricare or other VA benefits and may not be enrolled in Medicare or any supplemental Medicare coverage.
- Cannot be claimed as a dependent (excluding spouses) on another person’s tax return.
Qualified Associates have up to 30 days to enroll in the plan after they become benefit eligible. Most benefit changes require a “qualifying life event” and must be identified within 30 days. Failure to do so will disqualify you from changing coverage until the next open enrollment.
Unlike an FSA, company owners are eligible for entry; however, all payroll deductions are post tax and later eligible for deduction when filing your personal Federal and State (per state guidelines) returns.
The account is made available for contributions the first of the month following date of hire or January 1 following open enrollment.
Eligible Expenses
This program allows associates to pay for certain IRS-approved medical care expenses not covered by their insurance plan with pre-tax dollars. Some examples of qualified expenses include:
- Office visit copays, deductibles and co-insurance
- Vision services, including contact lenses, contact lens solution, eye examinations, and eyeglasses
- Dental services and orthodontia
- Chiropractic services
- Long-term Care, Medicare and COBRA premiums
Contributions
The annual maximum participants can contribute is determined by their “HSA Medical Plan” coverage level. Contributions can be made by electing pre-tax payroll deductions, making after-tax, tax-deductible contributions, or rolling over a personal IRA or other HSA account (limits and fees may apply, please refer to HSA Bank schedule of fees). Funds are made available for use on an “as-deposited” basis.
The company will provide a contribution corresponding to your enrollment in the “HSA Medical Plan”. These contributions will be funded on the first payroll following medical plan eligibility/enrollment and must be included in the total annual limit allowed. Below are the maximum contributions allowed for the 2024 & 2025 calendar year.
| Contribution Limits | Individual | Family |
|---|---|---|
| 2024 Calendar Year Limit | $4,150 | $8,300 |
| 2025 Calendar Year Limit | $4,300 | $8,550 |
| Catch-up Contribution Limit (Age 55+) | $1,000 | $1,000 |
Investing
HSA funds can be invested with a minimum HSA Cash balance of $1,000. Two platforms are made available for HSA participants including the Devenir platform offering a pre-selected group of no-load mutual funds or the Schwab Health Savings Brokerage Account. Learn more about investing your HSA HERE.
Beneficiary
Be sure to assign a beneficiary to your account. This can be done online by logging into your account at myaccounts.hsabank.com
Transfer/Rollover
You can rollover existing HSA or MSA accounts at any time. HSA Bank facilitates a direct transfer option, eliminating the need to receive a distribution of funds from your existing account. One IRA transfer is allowed per lifetime under IRS guidelines. Forms for transfer/rollover can be obtained online or by contacting HR.
Complete information on HSA benefits can be found in the Mariner Wealth Advisors, LLC Health Care Plan Summary Plan Description and SPD Supplement on the Annual Notices Page.
Frequently Asked Questions
I recently moved, how can I update my address with HSA Bank?
Your address can be updated directly through Oracle (available through your OKTA SSO Dashboard). After logging in you will go to “Me” –> “Personal Information” -> “Contact Info”. From there you can update all contact information, including your address by clicking on the “Pencil” or “Add” icon in the Personal information Section. After you update your address in Oracle, it will update with all benefit providers. More information can be found in the following Training Material: Job Aid: View and Update Personal Information
Can I change my annual election amount?
Should your medical needs and expenses change, you can change your HSA contribution amount. The change in value of your HSA contribution can be done through Oracle. After logging in, you will go to “Me” -> “Benefits” -> “Report a Life Event”. You can then select the bubble for Year round enrollment – HSA and Transit Plans Only. You’ll then enter today’s date. You can continue through your dependents, accept the authorization and make an update to your HSA contribution by clicking on the edit button under the Medical/HSA section.
My Spouse or Child is not covered by Mariner's Medical Insurance, can I still use HSA funds on them?
What are the tax benefits of an HSA plan?
There are three major tax advantages to your HSA.
- Cash contributions to an HSA are 100% deductible from your federal gross income (within legal limits).
- Interest on savings and investment accounts accumulate tax deferred.
- Withdrawals from an HSA for “qualified medical expenses” are free from federal income tax.
More information on how to save on your taxes can be found here.
I have a current HSA from a previous Employer, how do I roll these funds into the Mariner plan?
After enrolling in the HSA plan and receiving your account information, you can submit a completed rollover form. The form to use for the rollover will depend on what type of rollover you are doing.
If you are trying to transfer assets directly from a Health Savings Account (HSA) or Medical Savings Account (Archer MSA) into your HSA at HSA Bank, you will use the HSA Direct Transfer Request Form.
For an HSA Rollover involving a check, you will use the HSA Rollover Transfer Request Form.
Do I need to make my own contributions to be eligible for the Employer Contribution?
Even if you choose not to make payroll contributions to your HSA account, you will still receive the frontloaded Employer HSA contribution.
Do I need to designate a beneficiary?
Beneficiaries should be designated directly through the MyCigna/HSA Bank online portal. After logging into www.mycigna.com, you will go to “Manage HSA”. You will be redirected to the HSA Bank online portal. You will then go to “Accounts” -> “Profile Summary”. This will allow you to designate a primary and contingent beneficiaries.
I used my HSA on a ineligible expense, will I be penalized?
Nonmedical withdrawals from your health savings account are taxable income and subject to a 20% tax penalty.
Exception.
This tax penalty does not apply if the withdrawal is made after the date you:
- Attain age 65;
- Become totally and permanently disabled; or
- Die.
I made previous contributions to a former employer's HSA plan, am I still subject to the Annual Limit?
The annual limits are IRS regulated, not Mariner specific. Therefore any previous contribution that was made Year to Date, should be taken into account when determining your contribution rate. The Mariner Employer contribution to your HSA account should also be considered in determining your Employee contribution.
Is there a deadline for contributions made to an HSA?
Yes, yearly contributions should be made by your tax filing deadline, generally April 15 of the following year.
I over contributed to my HSA account this year, what do I need to do?
Funds contributed in excess of your contribution limit and the earnings on those funds are subject to penalty and tax unless the excess and earnings are withdrawn by you prior to the due date, including any extensions, for filing your Federal Income Tax return. The excess removal form can be found here.
What happens to my HSA if I leave the plan?
If you leave Mariner Medical plan for any reason, the HSA funds in your account can still be accessed and used on qualifying medical expenses.