When you enroll in UMP High Deductible, you are automatically enrolled in a health savings account (HSA) through our HSA partner HealthEquity, who is the account custodian. Your HSA is funded by pre-tax contributions from you, your employer, or both, and you can use that money to pay for qualified medical expenses. You may also make post-tax contributions to your savings account.
An HSA is a tax-advantaged savings account that can be used to pay for qualified medical expenses. The money in your HSA rolls over from year to year (it's not a "use it or lose it" account). You can keep your HSA even if you change employers.
To open an HSA, you must have a high-deductible health plan such as UMP High Deductible and not be enrolled in other healthcare coverage that could disqualify you.
To learn more about eligibility requirements visit HealthEquity.
For SEBB employees, the State of Washington contributes $375 for an individual, and $750 for a family on an HSA account each calendar year. If you have at least one other family member on your plan, then you qualify for the family contribution. Employer contributions are made only during the months you are enrolled in UMP High Deductible.
You may also contribute money into your HSA. These contributions are made on a pre-tax basis, which means they are not counted as part of your gross earnings. You may also make post-tax contributions to your savings account.
Visit HealthEquity to see the IRS established annual contribution limits. The State of Washington’s contributions count toward the limit, as does the SmartHealth incentive.
Many employers will deduct pretax funds from your paycheck and contribute them directly to your HSA. Here's the employee authorization for payroll deduction to Health Savings Account form you must submit.
Once enrolled with HealthEquity, you will receive a member welcome kit including an HSA debit card.*
You can use your HSA debit card* to pay for qualified medical expenses at the time of service. You can also log in to your account and set up an online payment that is sent directly to the provider or as a reimbursement to you — that is, pay out of pocket, then pay yourself back from your HSA.
You can use your HSA to pay for qualified medical expenses such as doctor’s visits, prescription, prescribed over-the-counter medications, dental work, and eye care. You can also use HSA funds to pay for qualified expenses for your spouse or tax dependents, even if they aren’t covered by your plan. See the full list of qualified medical expenses on HealthEquity.
As long as you spend your HSA funds only on qualified medical expenses, you won't pay income tax on that money.
If you register for a Regence account and agree to Regence sharing claims with HealthEquity, your HSA balance will always appear on your Regence account dashboard, and your claims for qualified medical expenses will automatically be sent to HealthEquity.
The subscriber is the only member eligible to earn the SmartHealth wellness incentive. A federal requirement mandates a minimum deductible for high deductible health plans. Therefore, the SEBB Program is not allowed to reduce the UMP High Deductible deductible.
This deposit counts toward your maximum annual contribution. You may need to adjust your payroll contributions to make sure you don’t exceed the maximum allowed contribution for the year.
UMP High Deductible members are not eligible to enroll in a Medical Flexible Spending Account (FSA) because they are automatically enrolled in an HSA.
A Medical FSA is an employer-sponsored benefit that allows you to set aside money from your paycheck on a pretax basis to pay for out-of-pocket health care costs.
While you must spend all the money in your Medical FSA account by the end of each plan year, there is no time limit to spend your HSA funds.
Medical FSAs are offered through Navia Benefit Solutions. Compare Medical FSAs and HSAs on the Navia website.
If you have questions or need help with your HSA, contact HealthEquity at 1 (844) 351-6853 (TRS: 711) or visit their website.
*The HealthEquity® Visa® Health Account Card is issued by The Bancorp Bank; member FDIC pursuant to a license from Visa U.S.A. Inc. Your card can be used everywhere Visa debit cards are accepted for qualified expenses. This card cannot be used at ATMs and you cannot get cash back, and cannot be used at gas stations, restaurants, or other establishments not health related. See Cardholder Agreement for complete usage restrictions. HSAs are never taxed at a federal income tax level when used appropriately for qualified medical expenses. Also, most states recognize HSA funds as tax-free with very few exceptions. Please consult a tax advisor regarding your state’s specific rules. It is the members’ responsibility to ensure eligibility requirements as well as if they are eligible for the expenses submitted.