Wells Fargo contributes $350 for individual coverage, $750 for family coverage, to a Health Savings Account (HSA) with Wells Fargo Health Benefit Services.
You may contribute tax-free funds through payroll deductions or directly to your HSA with Wells Fargo Health Benefits Services. In 2009, you can contribute up to the maximum annual amount allowed by the IRS — including Wells Fargo contributions — $3,000 for individual or $5,950 for family coverage.
Participants over 55 may contribute an additional $1,000 in 2009 directly with Health Benefit Services.
When you incur medical or prescription expenses, you choose whether to pay for them with funds from your HSA. Or, you may save your funds for future use.
You may pay for any of the following expenses from an HSA.
Medical expenses that apply toward your deductible or your coinsurance
Other medical expenses that the IRS considers qualified medical expense for tax purposes. These include alternative medicine treatments, prescription drugs, dental care, vision exams, eye glasses, laser surgery, hearing aids, smoking cessation, weight loss programs, over the counter drugs, and more. A list of these expenses is available in IRS Publication 969, Health Savings Accounts and Other Tax-Favored Health Plans (PDF).
Medicare premiums after you reach age 65
Pay with an HSA debit card. Use it for qualified medical and pharmacy expenses. You don’t need reimbursement forms, and you can track your account use online or through toll-free phone support, 24 hours a day, 7 days a week.
If you are enrolled in the HSA-HDHP, you may not enroll in the Health Care Flexible Spending Account.
If you have a remaining balance in your Health Care Flexible Spending Account for 2008, you will not be able to have employee/employer funding for your 2009 Health Savings Account.
How the Funds Work
Funds left in the account at the end of the year roll over into the following year. There is no limit to what you can accumulate. The HSA is your individually owned trust account and you can take it with you when you leave Wells Fargo or retire. You can also take it with you if you simply move to a different health plan, although you will no longer be able to make additional contributions to your HSA.
Your HSA funds accumulate interest similar to a savings or investment account. If you maintain a $2,000 minimum deposit account balance, you can invest future contributions in one or more of six Wells Fargo mutual funds. You can grow your earnings tax free.
Take advantage of tax-free distributions. Money used from your HSA to pay for qualified medical expenses is not taxed.
Qualifying for an HSA
To qualify for an HSA, you must be enrolled in the HSA-HDHP. Additionally, you cannot be enrolled in any other health plan, including Medicare; claimed as a dependent on another person’s tax return; or have received Veterans Administration medical benefits at any time over the past three months prior to Annual Benefits Enrollment.
For More Information
Visit the HSA administrator's website at https://healthbenefits.wellsfargo.com/HSA. This site provides HSA educational information. Please note, team members enrolled in the HSA-HDHP cannot sign on for their personalized services until January 1, 2009. You may also call the Wells Fargo Health Savings Account Help Line at 1-866-890-8309 with HSA-related questions.
