HSA

Health Savings Accounts can be a valuable option when designing a health care program. That is why Choice Strategies has partnered with ACS/Mellon to offer a tremendous resource to help provide a customized solution to our clients and their employees.

Features of an HSA:

  • Must be paired with a qualifying High Deductible Health Plan - for 2011 minimum deductible $1200 for single, $2400 for families.
  • For 2012, minimum deductible limits remain the same. $1200 for single and $2400 for families.
  • Can be funded by the employer or employee.
  • Employees can then use their pre-tax money for out-of-pocket 213(d) IRS eligible medical expenses
  • For 2011, maximum contributions to an HSA are $3050 for a single, and $6150 for a couple or family. An additional $1000 contribution is available to participants over the age of 55.
  • For 2012, maximum contributions to an HSA are $3100 for a single, and $6250 for a couple or family.
  • HSAs are completely portable and employee-owned accounts
  • Maximum out of pocket limits for 2011 are $5950 for singles, and $11,900 for families.
  • For 2012, the maximum out of pocket limits have risen to $6050 for singles, and $12,100 for families.

Advantages of a Choice Strategies HSA:

  • Choice Strategies has a long-standing partnership with ACS/Mellon to provide HSAs 
  • Together with ACS/Mellon, we offer a tremendous tool to help provide a custom solution to our clients and their employees
  • Owners of companies organized as an S-corp, LLC or partnership, cannot participate in an HRA or FSA. They can, however, establish an HSA for themselves, while an HRA is established for the remainder of the group
  • With our HSA program, owners receive a Choice Strategies card like their employees
  • The only difference:  The owner’s card attaches to his or her personal HSA account rather than to the company account set up for the HRA

Eligible Expenses

  • Items subject to the deductible
  • Co-pay or coinsurance of the health care plan
  • Dental
  • Vision
  • Orthodontia
  • Limited over-the-counter items
  • Alternative treatments

A list of FSA/HSA eligible expenses is on our website within the Helpful Links section

To learn more, visit ACS/Mellon Bank: https://hsamember.com/acc_gettingStarted.html.