Health Savings Account (HSA)

HSAs are similar to flexible spending accounts (FSAs) because you are saving money pretax. However, if you have an HSA, the money remains yours forever! There are no “use it or lose it” restrictions like there are with FSAs.

HSA Eligibility

• • You must be covered by the IMEG High Deductible HSA Plan.
  • You cannot have any “other coverage” such as:
    • A plan that is not an HSA-qualified HDHP
    • Spouse’s plan that is not a QHDHP
    • Medicare or Medicaid
    • TRICARE Coverage (military healthcare)
    • Health flexible spending account (not to include a flexible spending account for dependent day care)
    • Health reimbursement arrangement (HRA)
    • Veterans Administration health benefits
    • You cannot be claimed as a dependent on someone else’s tax return.

Open an HSA

Health Savings Accounts will be administered by HSABank. By electing funds to be deducted into an HSA through Workday, a HSABank HSA account will be opened on your behalf.

If you are enrolled in IMEG’s HSA HDHP and your effective date is any date other than the 1st of the month, the IRS stipulates that your HSA eligibility would not be until the 1st day of the following month. Therefore, your HSA contributions will not start until then.

HSA Invest

HSA Invest offers you a seamless experience to manage your saving, spending and investing on one website and one app. Three
investment options — Choice, Select and Managed — give you thoughtfully chosen securities that are aligned to your HSA and relevant
to your financial objectives. And you’re able to enroll in more than one option.

Access HSA Invest at hsabank.com/Members/Investment-Transition.html.