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 Health Savings Plans

Health Savings Accounts (HSA)

What is a Health Savings Account (HSA)?

 

A Health Savings Account (HSA) is designed to work with a high deductible health plan and allows you to make pre-tax contributions to a savings account. These funds can be used to pay for many qualified medical expenses.

HSA’s offer you a triple tax benefit:
     Pre-Tax Contribution
     Tax free payments for qualified medical expenses
     Tax free interest on investment earnings

Use your HSA savings account to pay for your deductible co-payments and any other qualified medical expenses.  To view eligible expenses and other resources go to: Discovery Benefits

If you don’t use all your money in your HSA savings account in a calendar year, the remaining money automatically “rolls over” for use in future years.  This money is always yours.

Think of an HSA like an Individual Retirement Account (IRA) for medical expenses.

Once you have $1,000 in your HSA savings account, you can decide how to invest and grow your money.  Discovery will provide you with many investment choices.

When you reach age 65, you can withdraw your money without penalty and use your money for whatever you want.

You can manage your HSA account as simple as possible, by downloading the Discovery Benefits mobile app, available on Apple or Android devices.

              

With the Discovery Benefits debit card, using your HSA dollars has never been easier. You’ll receive your one card when you enroll, and you can request additional cards for your spouse and dependents 18 years or older.

If you are covering your domestic partner on your high deductible health plan, remember only you can contribute and use the HSA money for your own qualified medical expenses.  The IRS does not recognize a domestic partner as a dependent.  So they cannot take advantage of the tax savings on your account.  Your domestic partner can set up his/her own HSA with Discovery and use post tax dollars that can be claimed as a savings in tax returns.    

In 2018, if you participate in the high deductible plan and open a HSA, Franklin Pierce University will contribute to your savings.  See chart below:

HSA Contributions

2019                 Individual                             Family

HSA contribution limit

Sent by the IRS

 

$3,450

 

$6,900

FPU contribution

$1,000

$2,000

Your contribution maximum

$2,450

$4,900

 

 

Limited Purpose Flexible Spending Accounts

(LPFSA)

What is a Limited Purpose Flexible Spending Account (LPFSA)?

Used in conjunction with both a High Deductible Health Plan and an HSA, a LPFSA allows you to contribute additional pre-tax dollars to use for dental and vision care expenses.  This helps you to maximize your pre-tax HSA contribution.

If you participate in the high deductible health plan and have a HSA, you are can open only a LPFSA, not a Health Care FSA.

In 2019 you can contribute up to $2,700 in your Limited Purpose Health Care FSA.

You can submit dental and vision documentation within minutes by using the Discovery Benefits mobile app, available on Apple and Android devices. The app is the quickest and easiest method for filing claims and submitting dental and vision documentation because it lets you use your phone’s camera to take pictures of your dental and vision documents and upload them on the spot.

              

You can also submit dental and vision documentation through your Discovery website, by fax or regular mail. To submit documentation through the Discovery website, log in through the link below and follow the prompts.  You will see in the “Receipt(s) Needed menu under the Home tab.

(866)451-3399

www.discoverybenefits.com

 

©2018 Franklin Pierce University
40 University Drive
Rindge, New Hampshire 03461