8 / 24
UNDERSTANDING
YOUR
HSA
PLAN
If you enroll in the Blue Cross Blue Shield High Deductible Health Plan (HDHP)— you may be eligible to open
and contribute to a Health Savings Account (HSA). Blue Cross Blue Shield of Montana utilizes HSA Bank as their
preferred Health Savings Account vendor.
An HSA is an employee-owned account that allows you to set aside money for your eligible medical expenses
(including vision and dental expenses) incurred this year or in future years. Your contributions to the account
are tax exempt, so you can save on taxes when you contribute. Unlike a Flexible Spending Account, any
unused balance in your HSA rolls over from year to year—there is no “use it or lose it” rule.
You must be enrolled in a Qualified High Deductible Health Plan in order to contribute to an HSA. In future
years, if you decide to dis-enroll from the HDHP plan, you can continue to use any money in your HSA for
qualified medical expenses, but you are ineligible to contribute any additional funds to the account.
How to deposit funds into your HSA
Payroll Deductions—HSA Bank can facilitate recurring pre-tax payroll deductions. Contact your Human
Resources department to complete the appropriate paperwork
Online Transfer—On HSA Bank’s member website, you can transfer funds from an external bank account,
such as a personal checking account or savings account, to your HSA
Check—Mail your personal check and completed Contribution Form to:
HSA Bank, PO Box 939, Sheboygan, WI 53082
Once you have set up your HSA, you will receive a debit card for easy access to your funds. You can use this
debit card to pay for qualified medical expenses without having to file any paperwork for reimbursement—your
card can be used at doctor’s offices, pharmacies, hospitals, and other healthcare provider locations. You can
also reimburse yourself for out-of-pocket expenses by making one-time or recurring online transfers from your
HSA to your personal checking or savings account. You can also use online bill pay through HSA Bank to pay
medical providers directly from your HSA. If you withdraw funds from the account for non medical expenses,
you will be subject to a penalty.
There are limits to how much you can contribute to your HSA each calendar year. For 2018, per the IRS, the
account contribution limits are:
*If you are over age 55, you can contribute an additional $1,000 to your HSA as a “catch-up” contribution.
Once you have opened an account with HSA Bank, you have the option to transfer the money in a current
Health Savings Account into your HSA Bank Health Savings Account. This includes your HSA with BASIC Pacific.
You will need to contact BASIC Pacific at 1-800-574-5448 to request a distribution/rollover to your new HSA
Bank account.
If you have any questions about transferring funds between BASIC Pacific and HSA Bank, please contact HSA
Bank at 1-855-731-5220.
2018
*Age 55+
Individual
$3,450
$4,450
Family
$6,900
$7,900
7