HSA Bank Account
A Health Savings Bank Account (HSA) is a tax-advantaged account that can be used to pay for healthcare expenses, either now or in the future. Eligible health expenses include medical, prescription, dental and vision (see list). Contributions are made into the account by the member and the company (Outcome-Based Wellness Incentive) and are limited to an annual maximum contribution. The account belongs to the member and the funds rollover year to year. There is also an option to invest HSA funds, available once you have a minimum balance. The benefits of pre-tax contributions, tax-free earnings and tax-free withdrawals for qualified expenses can add up to significant savings. Refer to IRS – HSA Information for additional information.
Eligibility
To make HSA contributions and be eligible for the Outcome-Based Wellness incentive, you must be a Foth medical plan participant and meet eligibility requirements.
You are not eligible for HSA contributions if you are:
-
- Enrolled on another medical plan as secondary, unless that plan is a HSA-eligible High Deductible Health Plan (HDHP).
- Enrolled in any portion of Medicare (including Part A). Note: Once you enroll in Medicare, you can no longer contribute. If you delay signing up for Medicare, this disqualification may be 6 months prior to your Medicare enrollment date. Be sure to talk with the Social Security office.
- Enrolled in TRICARE.
- Eligible to receive medical reimbursements through a Family Savings Plan (FSP), likely through a spouse’s employer.
- Or can be claimed as an IRS tax dependent on someone else’s tax return.
New Participants
An HSA account will be opened for new participants, if eligible. After the account is opened, it is highly recommended that you register your online account. To register, visit HSA Login (associatedbank.com) > New User “Get Started” and follow the instructions. A debit card will be mailed to your home address within 14 business days.
Add or Change your HSA Payroll Contribution Amount
You can change your HSA payroll contributions at any time throughout the year.
-
- Non-owners: Visit Dayforce > Benefits > “Change or Start HSA Payroll Contribution”. Click “Submit” after electing a contribution amount.
- Owners: Visit Dayforce > Forms > Direct Deposit. Click on the applicable account to edit a current allocation or “Add” to add a new contribution. Click “Submit”.
You will receive a notification after your contribution change is approved. Contribution changes occur on the following paycheck.
Annual HSA Contribution Limit
| 2022 | Annual Contribution Limit | Additional Catch-up (age 55+) |
| Single | $3,650 | $1,000 |
| Family | $7,300 | $1,000 |
Outcome-Based Wellness Incentive
Foth offers an outcome-based wellness incentive for members/spouses on Foth’s medical plan and eligible for the HSA bank account. The outcome-based wellness incentive counts towards your annual contribution limit. Shown below is the annual amount, which is pro-rated per paycheck). Subtract the incentive amount from your limit to calculate the amount that you can personally contribute (either through payroll deduction or a lump sum payment.)
| Health Assessment Score |
86-100 |
71-85 |
61-70 |
0-60 |
Scores under 60 with a 5 point improvement over previous year |
| Member Incentive | $1,000 | $500 | $250 | $0 | $250 |
| Spouse Incentive | $1,000 | $500 | $250 | $0 | $250 |
Access your Account
Associated Bank Online Access: HSA Login (associatedbank.com)
Additional Account Information
Participant Guide: HSA Participant Guide
HSA Investments: Available for balances >$1000. Log into your account to manage investments. HSA Investment Information.
Designate a Limited Durable Power of Attorney (Second Cardholder): Associated Bank – HSA Limited Durable Power of Attorney
Transfer HSA funds From Another Bank to Associated Bank: Associated Bank HSA Transfer Form
Questions?
Associated Bank: associatedbank.com, Toll-free HSA Specialist: 1-800-270-7719, Email: ParticipantServices@AssociatedBank.com
Benefits/Human Resources: Enrollment, plan changes & general benefits inquiries. Benefits@Foth.com
