Tax Advantage Accounts
Life Events FAQs
Defined Benefit Plans
A Health Savings Account allows you to contribute money in a tax-free account for present and future health care expenses. Because this account has certain tax advantages be aware of the following:
HSA Eligibility Rules
HSA Maximum Annual Contribution Amounts
Tax Information for HSA Participants
Managing Your Account
When you enroll in and contribute tax-free money into an HSA, your unused funds roll over from year to year. Also, if you ever leave or retire from your job, your funds go with you.
You may already know the tax-saving power your Health Savings Account (HSA) offers, because you're a savvy saver. But could you be doing more?
Check your knowledge.
Because these accounts have certain tax advantages, you must meet the following IRS requirements.
To be eligible for an HSA:
You cannot be covered by any other health insurance except a high-deductible health plan (HDHP), such as the Consumer Choice medical plans.
You cannot be enrolled in Medicare.
You cannot be claimed as a dependent on someone else’s tax return.
The annual maximum HSA contribution allowed for 2019 is $3,500 for individual (employee only) and $7,000 for family coverage (all other coverage tiers). If you are 55 or older in 2019, you can contribute an additional $1,000 “catch-up” contribution.
Unused funds are not forfeited. Money not used in the account will roll forward from year to year.
Learn more about managing your HSA on payflex.com using the
PayFlex HSA Quick Reference Guide.
Your employer, you and your family members may make contributions to your HSA. Contributions can be made any time of the year in one or more payments.
You can change the amount you contribute to your HSA at any time. Be sure to review your HSA contribution election amounts so you stay within the IRS regulated limits. Visit the IRS website for more information on HSA contribution limits at
www.irs.gov (Publication 969). To make changes to your contributions log into
Dayforce and submit the appropriate form (learn more).
If you have an HSA at another institution, you can transfer your funds to your PayFlex HSA. Complete a
PayFlex Transfer Request Form and mail it to PayFlex for processing. The transfer amount does not count toward your annual contribution limits.
PayFlex.com includes a listing of
eligible health care expenses. You can also visit the IRS website
publication 969 and
publication 502 for more information on eligible expenses under your Health Savings Plan.
Note: An expense
may not be reimbursed from your HSA
unless the expense was incurred to provide medical care for yourself, your spouse, or your tax dependent (and, of course, the other conditions for reimbursing an expense must also be satisfied). For example, although you are able to cover your 25 year old daughter under either of the Consumer Choice medical plans, unpaid medical expenses for her are not HSA eligible unless she is your dependent for federal tax purposes.
After reaching age 65, you can use HSA savings for any purpose (subject to normal income tax).
You are not allowed to contribute to a Health Savings Account if you are enrolled in Medicare A, B and/or D. Your spouse's enrollment in Medicare does not impact your ability to contribute.
If you are age 65, enrolled in either Consumer Choice medical plan and have Medicare A and/or B, contact Farm Credit Foundations at 1-800-892-7924.