A Health Savings Account is an individual account designed to work together with an HSA-eligible high-deductible health plan (HDHP). Eligible contributions are tax-deductible, and you can use your HSA money tax-free to pay for qualified medical expenses for you, your spouse, and your qualified dependents. You can choose to invest some or all of your HSA money for potential growth to help pay for qualified medical expenses in retirement. If it grows, that growth is also tax-free. Plus, your HSA is not "use-it-or-lose-it"—the account belongs to you, and your contributions can accumulate year after year.
To get a detailed overview of our Health Savings Account and how it works please view the following video: Health Savings Account
Who is eligible for a Health Savings Account?
Anyone who is:
- Covered by an HSA-eligible High Deductible Health Plan (HDHP); and
- Not covered under another medical plan that is not an HDHP; and
- Not entitled to Medicare benefits; or claimed on another person’s tax return.
How do I enroll in a Health Savings Account?
To enroll in a Health Savings Account please submit a ticket to reach the Chief People Officer. You will then be able to choose ay dedications you wish to have redirected from your paycheck to the HSA. These amounts will be in addition to the contributions made by the employer. The combination of the employer and employee contributions cannot exceed the following:
To enroll in the plan, please complete the Health Savings Account Enrollment Form . Once the form is complete you can click on "Submit a Request" above to submit the form to our Chief People Officer. Confirmation will be sent once you have been enrolled.
Does MTB Management offer any match to my contributions?
Yes! MTB Management will match up to 50% of the employee's contributions up to a maximum match of $100/month. MTB Management also contributes $25.85 each pay period to your HSA account in addition to your monthly contributions + employer match.
How do I change my current HSA elections?
To change elections, complete the Health Savings Account Enrollment Form, and submit a ticket with the form attached to reach the Chief People Officer. Changes can be made at any time throughout the year and will be effective on the next applicable pay period.
Qualified vs. Non-qualified Medical Expenses:
There are so many qualified medical expenses that your HSA can help you cover. For more than just deductibles and copays, you can use your funds to pay for dental, vision, chiropractic care, acupuncture and more. Get income tax-free contributions and income tax-free withdrawals for qualified medical expenses. Plus, your money grows income tax-free.
You are responsible for monitoring the amount deposited into your HSA each calendar year. Keep in mind that if your employer contributes funds, those also count toward the maximum. If you exceed the maximum contribution limit, there is a penalty imposed by the IRS. Sign in to your account online to download the Health Savings Account (HSA) Excess Contribution Removal Form to request an excess contribution refund or a correction to a contribution.
What carrier to we use for our Health Savings Account?
We work with Optum Financial to provide our employees with a Health Savings Account. For more information, stop by the following website: How to Use an HSA | Optum Financial
How do I stop my HSA contributions?
You can make changes to your contributions at any time by submitting a ticket to reach the Chief People Officer. Simply let us know you would like to temporarily or permanently cancel contributions and it will be effective on the next applicable paycheck. Any funds in currently in your HSA account will be yours to use for future medical expenses however, your employee and employer matches will simply stop until you decide to start it back up.
What happens when terminated?
If you were to leave the company, your HSA account is yours to use for future medical expenses. You can roll it over to your future employer if you are enrolled in a high deductible health plan or you can leave it in your account to use for medical expenses.
For more information on Health Savings Accounts, please view this 21 minute video all about MTB Managements Health Savings Account.