Frequently Asked Questions

Your Health Savings Account (HSA) coupled with a High Deductible Health Plan (HDHP) can help you save money on your medical expenses. By choosing the HDHP you can save significantly on your health care premiums.

General Information

A Health Savings Account (HSA) is what you get when you combine a high-deductible health insurance plan and a tax-exempt savings account. They are designed to allow individuals to use pre-tax dollars to help pay for current and future medical expenses.

 

HSAs offer a triple tax advantage:

  • Contributions are 100 percent tax-deductible for the account holder.
  • Funds grow on a tax-deferred basis and funds are not taxed if used for an eligible expense.
  • After age 65, funds can be used tax-free for eligible expenses, including Medicare premiums, or taxed with no penalty for other expenses.

Taking money out of your HSA is as easy as taking money out of your checking account. There are no claims to file - you simply swipe your HSA debit card or use Online Bill Pay. If you choose to reimburse yourself for eligible expenses, you can simply make a funds transfer using Online Banking, using Online Bill Pay or withdrawal funds at an ATM.

Yes. Your HSA funds can be used for your spouse and dependent children's out-of-pocket eligible expenses, even if they are not on your health plan. Please remember that no one in your family can have a medical FSA if you have an HSA.

HSAs are individual accounts based on IRS rules. If you’re both covered by a qualified HDHP, you can each setup accounts or you can run all expenses through one account.

You need to spend the funds in your FSA by the end of the year, so you can be eligible to have an HSA at the beginning of the plan year starting January 1.

The IRS has requirements for eligible individuals. If you are eligible for Medicare, usually at age 65, you can no longer make contributions to an HSA. Funds may still be used for eligible expenses, including Medicare premiums, tax-free.
At age 65, funds can continue to be used for eligible medical expenses tax-free. You may also use the funds for non-eligible expenses and you are only subject to ordinary income tax without any IRS penalty.
  • No use it or lose it rules
  • Unspent balances in accounts remain in the account until spent
  • Accounts can grow through investment earnings, just like an IRA

Enrollment and Contributions

No. If you already have an account, MOFB payroll contributions will be made to that account anytime you are enrolled in the HDHP.

  • Contact Ronda Bryant with MOFB Payroll at ronda.bryant@mofb.com or (573) 893-1457.
  • Make a funds transfer through HSACentral.net or the HSA Central mobile app
  • Visit a Central Bank branch
You need to complete an HSA Central Transfer Request form.
Taking money out of your HSA is as easy as taking money out of your checking account. There are no claims to file - you simply swipe your HSA debit card or use Online Bill Pay. If you choose to reimburse yourself for eligible expenses, you can simply make a funds transfer using Online Banking, using Online Bill Pay or withdrawal funds at an ATM.
It stays in your account. The funds in your HSA is your money, there is no "use it or lose it" rule. Funds accumulate and carry over year after year.
MOFB will contribute $240 annually upon completion of an annual physical exam.
Contact Human Resources for more information about HSA Contribution eligibility.
The IRS has an annual maximum limit for your HSA contributions. The deadline for contributions is the same as your tax filing deadline excluding extensions. For most individuals this is April 15.
Yes. Your HSA funds can be used for your spouse and dependent children's out-of-pocket eligible expenses, even if they are not on your health plan.
Visit the HSA Central website for more information.
In January, you will receive a 1099-SA and a 5498-SA from your bank to use in filling out form 8889 along with your W-2.

Distributions from your HSA

Visit the HSA Central website for more information.
If you are under the age of 65, you will owe income tax plus a 20% IRS penalty. After 65, the 20% penalty is waived and you will only owe income tax.
No. The funds must be in your HSA before you can use them, unlike a cafeteria plan. However, you are able to reimburse yourself for the eligible expense when funds are available.
Visit the HSA Central website for more information.
Contact HSA Central Consumer Services
1-833-232-4676
hsacentral@healthaccountservices.com