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, must open and be eligible.
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.
- 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.
Open a HSA Bank Account
Open an HSA Bank Account at either Associated Bank or Optum Bank (see comparison below)
*Internal document, must be logged into the Foth network to access
Add or Change your HSA Payroll Contribution Amount
- Non-owners: Go to Dayforce > Benefits > “Change or Start HSA Payroll Contribution”. Click “Submit” after electing a contribution amount.
- Owners: Go to Dayforce > Forms > Direct Deposit. Click “View/Edit” to edit a current contribution amount 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.
HSA Contribution Limit
| 2021 | Annual Contribution Limit | Additional Catch-up (age 55+) |
| Single | $3,600 | $1,000 |
| Family | $7,200 | $1,000 |
| 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 table below shows the annual incentive amount the participating member and spouse will each be eligible to receive (pro-rated), based on their individual Health Assessment score.
The outcome-based wellness incentive counts towards your annual contribution limit. You must 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 |
HSA Bank Account Overview
Associated Bank
- Monthly Fee: 2021 – No fee, 2022 – $1/month if balance is below $1,000
- Debit Card: Yes, mailed automatically
- Online Access: Yes, www.associatedbank.com
- HSA Investment Option: Available for balances >$1000. Learn more about HSA investment options & HSA Plus Investment Starter Guide
- Mobile App: Available, see Mobile App Information
Presentation – Maximize Your HSA Dollars by Associated-Bank – February 2018
Associated Bank – HSA Limited Durable Power of Attorney – Complete to request a second cardholder
Questions? Associated Bank: associatedbank.com, Toll-free HSA Specialist: 1-800-270-7719, Email: ParticipantServices@AssociatedBank.com
Optum Bank
- Monthly Fee: $1/month if balance is below $500. Optum Bank offers three account types. New accounts are defaulted to eAccess. See Optum Bank Account Option Comparison. Contact Optum Bank to switch.
- Debit Card: Yes, mailed automatically
- Online Access: Yes, www.optumbank.com
- HSA Investment Option: Available for balances >$2,000 (varies by account type). Learn more about HSA investing options and Menu of mutual funds
- Mobile App: Available, see Mobile App Information
Transfer funds to Optum Bank– Directly transfer all or part of your HSA from another trustee or custodian to Optum Bank
Questions? Optum Bank: Optumbank.com, Toll-free HSA Specialist: 866-234-8913
General Questions
Benefits/Human Resources: Enrollment, plan changes & general benefits inquiries. Benefits@Foth.com
