A Health Savings Account (HSA) is an account that includes contributions from both you and Atrium Health. Funds from your HSA may be used to pay for your eligible healthcare and prescription expenses throughout the year.

Atrium Health HSAs are administered by Bank of America. To access and monitor your account(s), log in at Bank of America or via the Bank of America HSA mobile app.

Eligibility

Teammates who are eligible for the LiveWELL Health Plan can establish their HSA account on the first of the month following 30 days of employment.

The Health Savings Account (HSA) is yours to save for current and future healthcare-related expenses, such as your deductible, co-insurance or prescription drugs. This account is set up in your name and funded by Atrium Health and you.

HSAs share similar characteristics to retirement plans in that:

  • Contributions can be made pretax via payroll deduction and one time after-tax contributions directly to your account
  • Account balances can be invested
  • Contributions grow tax-free, year after year
  • Account balance is portable, you take it when you leave Atrium Health
  • HSA withdrawals are not taxed when used for medical expenses or premiums
  • Immediate 100% complete ownership  
  Maximum Contribution*
Teammate-Only Plans $3,500
Family Plans $7,000

**Teammates age 55 or older are allowed an additional "catch-up" contribution of $1,000.

The maximum IRS contribution for the year includes the sum of all teammate and employer contributions, including incentives.

Atrium Health Annual Contribution

To help fund your account, you will receive an annual contribution of:

  • $100 for Teammate-Only plans
  • $350 for all other Family plans

Teammates earning less than $30,000 in an annual base salary and working 30 or more standard hours each week will receive an additional HSA contribution of $200

This annual contribution is deposited into your account the pay period following the pay period in which your coverage becomes effective.
Atrium Health Matching Contributions

If you choose to contribute to your HSA, Atrium Health will make matching contributions up to:

  • $250 for Teammate-Only plans
  • $750 for all other Family plans
These matching contributions are made in installments throughout the year based on the contributions you make.

What are the advantages of a Health Savings Account?

  • Your HSA is used to pay for healthcare expenses now, in the future and during your retirement
  • You can use the money in your HSA to pay for a variety of medical expenses such as prescription medications, vision and dental expenses, office visits and hearing aids
  • Atrium Health contributes money into your HSA to assist you in meeting your annual deductible, as well as copays and coinsurance
  • You can contribute pretax dollars to your HSA – this includes money from your paycheck, your LiveWELL Incentives and matched funds from Atrium Health
  • You also can contribute one-time deposits, such as Performance Plus Incentive, PTO Cash-In and tax refund checks
  • Money in your HSA is not taxed – when you put it in or when you take it out for healthcare-related expenses
  • The money in your HSA is yours – what you do not use will roll over year after year
  • Your HSA is portable. If you leave Atrium Health, you will take your HSA funds with you

How Does the HSA work?

When you enroll, you will receive a Visa debit card, which can be used to access your HSA contributions and those made by Atrium Health, as they are deposited into your account.

Atrium Health partners with Bank of America to administer all HSAs, making it easy to access your account information in one place. When you use your HSA dollars for health-related expenses, you use the card just like you would use a regular debit card. Your card is good for four years unless you add or close any of your accounts.

If you are not adding or closing an account in 2019, please keep your existing card. If you are closing or adding an HSA, you will receive a new card from Bank of America that you can easily track, manage and pay for eligible expenses.

Plan Ahead

Think about your current and future health and prescription needs. Are you pregnant or planning to start a family? Will you retire soon? Plan for your healthcare needs and decide how you will save for these and other big life events.

Plan for the unexpected. Just as you might have an “emergency” fund for unexpected home or car repairs, you need to save money in your Health Savings Account, since it could be used as your “emergency” fund for unexpected health needs.

You can change the amount you contribute from each paycheck to your HSA as many times as you’d like during the year. If your budget is tight for a month or two, you have the flexibility to lower your HSA contributions to help with your cash flow needs. If you want to save more and increase your tax savings, you can add to your contributions at any time. Consider Atrium Health contributions to your HSA as you plan how much you contribute.*

*The maximum contribution for the year includes the sum of all teammate and Atrium Health contributions, including incentives.

Medicare and Your Health Savings Account

LiveWELL Health Plan participants should contact Medicare 6-12 months prior to turning age 65 to learn about options for healthcare coverage and rules for contributing to a Health Savings Account when Medicare eligible.

Questions about Medicare

For help in understanding how Medicare and your healthcare costs may fit into your overall retirement goals, call the Seniors’ Health Insurance Information Program (SHIIP) at 855-408-1212. Teammates can also call the Social Security Administration at 888-383-1598.

Seniors’ Health Insurance Program (SHIIP) Details

  • SHIIP is available to anyone for FREE
  • SHIIP has representatives in every NC county
  • Teammates may make appointments for 1:1 phone calls or in-person meetings with a specialist
  • Teammates may contact a representative Monday – Friday, 8 a.m. – 5 p.m., by calling the SHIIP consumer information line at 855-408-1212 or via email
  • SHIIP can answer detailed questions about Medicare that Social Security Offices may not be able to answer

 

Please note that the above Information is intended to provide explanation of benefit plans. For advice regarding your personal healthcare and financial matters, you may want to consult a healthcare provider, Medicare consultant, tax professional or financial advisor.