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Health Savings Accounts

  1. If I am laid off, may I use the funds in my account?

    Your HSA account remains active for the reimbursement of qualified medical expenses until it is depleted.

  2. Who handles medical benefit claims?

    Medical benefit claims processing and payment will be handled by Wells Fargo.

  3. What is the procedure for submitting a claim for medical reimbursement?

    The claims process is described in the Wells Fargo enrollment materials. Remember, however, it is up to you to keep the supporting receipts to show the Internal Revenue Service if you used the funds to pay qualified medical expenses.

  4. What are eligible expenses?

    Qualified health care expenses include co-payments and deductibles at doctors, pharmacies, medical labs, dentists and orthodontists, medical supply stores, chiropractors, hospitals vision centers, podiatrists and more. Remember, what isn’t used, rolls over to the next year, then again to the next and beyond.

  5. What happens to the account balance if I die?

    If the beneficiary is an individual’s spouse, the spouse may continue to access the HSA fund tax-free for qualified health care expenses and pays income taxes on any non-qualified expenses. If the beneficiary is a non-spouse or the individual’s estate, then the HSA will cease being a qualified HSA and the non-spouse beneficiary or estate will be required to pay taxes on the fair market value of the amount in the year in which the individual dies. However, no penalties apply. The amount taxable to a non-spouse beneficiary is reduced by any qualified medical expenses incurred by the decedent that are paid by the non-spouse beneficiary within one year after the date of death.

  6. If I change jobs or health plans, can an HSA be moved to another account?

    Yes, similar to an IRA or 401(k) arrangement, funds can be “rolled” into another HSA. If you are participating in the HSA through payroll deduction, Wells Fargo can help you with this transition.

  7. How are payments from HSA accounts treated for tax purposes?

    Disbursements are non-taxable (federal) if made for qualified medical expenses. Otherwise, a 10% excise tax applies plus regular taxes. Once a person is 65 years old, disbursement for non-medical is taxable, but no excise tax will apply.

  8. Whom should I contact with questions regarding the HSA?

    Depending upon your question, you may contact the Employee Benefits Office or Wells Fargo.

    • Wells Fargo (866) 890-8309
      For all account issues
      With questions regarding your account statement
      For all claim-related issues
       
    • Employee Benefits Office (916) 874-2020
      For eligibility
      For details

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