Health Savings Accounts (HSA)
Understanding a Health Savings Account (HSA)
A Health Savings Account (HSA) is a tax-exempt savings account that, when paired with a high-deductible health plan (HDHP), such as an OMNIA Health Plan, Horizon PPO, Horizon EPO or Horizon Direct Access plan, can be used to pay for certain eligible health expenses, including deductibles, coinsurance, copayments and other eligible out-of-pocket health expenses. Once you meet your plan’s deductible, your health care expenses are paid according to the benefits of your health plan.
You and your employer can contribute to the HSA. Unused HSA funds roll over from year to year and are portable. That means you own your HSA even if you change jobs or employers, if there is a change in marital status, health coverage or you move out of state. The money in your HSA is held in a personal bank account that accrues tax-free interest and can be invested in mutual fund investments available at certain dollar minimums.
Important information to know about your HSA:
- HSA contributions are tax-free.
- The interest and investment gains accumulate tax-free.
- Withdrawals are tax-free when used to pay for qualified health expenses.
- The remaining balance in your HSA rolls over from year to year.
- HSA funds could be withdrawn for ineligible expenses, but would be subject to a 10% penalty and income tax; see IRS guidelines for additional information.
Using your HSA
You are able to use your HSA for eligible health expenses, which are determined by the IRS, and include:
- Deductibles, copayments and coinsurance
- IRS-qualified health expenses, including, but not limited to:
- LASIK eye surgery
- Dental treatments
- Qualified Long-Term Care insurance
- Uncovered Medicare expenses and certain Medicare premiums at retirement
How does an HSA work?
Once you enroll in Horizon MyWay HSA and decide how much you want to contribute from your paycheck, the money will automatically be deducted from your paycheck and set aside in your personal account for you to use on eligible health expenses. Your elected amount for the year becomes available as you and/or your employer make contributions.
Accessing your Horizon MyWay HSA information online
Once signed in, you can access your Horizon MyWay HSA information by following the directions below:
- Click My Accounts
- Click MyWay Balance
- Click one of the links in the Horizon MyWay HSA and select CONTINUE to be redirected to our HSA account partner
Here you will be able to make a payment from your account or view your account activity and balance. You may also call Benefit Wallet at 1-877-472-4200 to get your HSA account balance.
Read our FAQs for more information.