Frequently Asked Questions

Yes. When you select the CDHP, the Partnership will set up an HSA account for you and deposit either $1,000 (employee only coverage), $1,500 (employee + spouse), or $2,000 (all other coverage levels) to help with your health care expenses.

If you are eligible for benefits as of January 1, you will receive one half of your HSA dollars in January and the second half in July. You must be employed as of January 31 to receive the Partnership contribution. If you are eligible for benefits as of February 1, a portion will be deposited into your HSA each pay period.

Yes. The IRS maximum limit includes the Partnership and employee contributions.

No. Per the IRS regulations, you must be enrolled in a high deductible health plan in order to open and make contributions to a Health Savings Account (HSA).

The primary difference between a Health Savings Accounts (HSA) and a Flexible Spending Accounts (FSA) is that money contributed to an HSA carries forward to the following year if unused. In contrast, the FSA is mostly a “use it or lose it” account that limits you to a $500 carry over of unused funds. Also, in order to take advantage of the HSA you need to be enrolled in the CDHP.

No. While you may add children up to age 26 to your medical plan, children ages 19 to 26 must be considered a tax dependent in order for their medical expenses to qualify for payment from a parent’s HSA.

An HSA is a savings account that you own. Any funds that remain in the account are yours to keep. You can even save funds in your account to use toward eligible medical expenses into retirement.

No. Funds cannot be transferred between HSAs and FSAs.

The funds in your HSA are yours to keep and will go with you upon retirement or if you leave the Partnership.