Health Savings Accounts (HSAs)
Watch the HDHP with HSA video to learn more about Health Savings Accounts.
When you have a qualified expense, you may pay it from your HSA using your debit card. You may also pay expenses out of your own pocket and save your HSA for future qualified expenses. The HSA is tax-advantaged, which means the money that goes into the account is exempt from federal income taxes - earns interest free of federal taxes, and is not subject to federal tax when you use it to pay for qualified medical expenses. HSA reimbursement is limited to the balance in your personal HSA account.
For example, if you have a bill for $200 and your account has a balance of $50, you will only be able to access $50 for payment. You are not required to substantiate expenditures from your HSA to the HSA administrator, but this information should be retained for tax purposes.
Note: According to IRS rules, you are not eligible to participate in an HSA if you are covered by another health plan or enrolled in Medicare.
HSA Account Holders, use this link to transition and close your HSA account with Discovery Benefits in order to transfer funds and open an account with the city's new benefits vendor, WageWorks.
View a guide on how to log into your HealthEquity Health Savings Account
Examples of Qualified Medical Expenses
- Deductible payments
- Copays and coinsurance
- Vision exams and hardware
- Dental care and braces
- Chiropractic or naturopathic services
- Long Term Care Premiums
- Medicare Part B, C & D Premiums (But NOT the premium you pay to the City as a retiree)
- Other services provided by a qualified medical professional that may not be covered by the medical insurance. Cosmetic surgery is not covered.
Go online to the cfwbenefits.com to enroll in benefits or view your elections.