Health Savings Account (HSA)

HSA A+FCU Plan Summary

Health Savings Account – Eligible Medical Expenses

Hays CISD HSA Payroll Change Form

Health Savings Account (HSA) or Flexible Spending Account-FSA – You may enroll in a Health Savings Account (HSA) or Flexible Spending Account (FSA) to pay for certain qualified expenses to reduce your taxable income.

HSA is a post-tax benefit and is not part of the 125 Cafeteria Plan package.  To be eligible for an HSA, you must be covered by a high deductible health plan (HDHP), such as ActiveCare 1-HD.  You must not be covered by other health insurance, you must not be eligible for Medicare and cannot be claimed as a dependent on someone else’s tax return.

You can enroll in an HSA with any institution that provides HSA benefits if you are enrolled in a qualified HDHP.  You will be responsible for setting up and funding the account directly with the financial institution.  The district has partnered with A Plus Federal Credit Union (A+) to payroll deduct HSA contributions.  If you would like to set up an HSA with A+, please contact the benefits department for instructions at InsuranceBenefits@hayscisd.net. 

FSA is designed to take advantage of Section 125 of the IRS tax code.  It allows you to pay certain qualified expenses on a pre-tax basis, thereby reducing your taxable income.  Funds allocated to a Health FSA must be used during the plan year or lost.

The district is not responsible for monitoring HSA contributions for tax compliance.  Please seek advice from a qualified tax consultant or the Internal Revenue Service on tax rules and regulations for HSA or FSA accounts

Eligibility:

All full-time employees who work at least twenty (20) hours per week are eligible for coverage the first of the month following their date of hire.

 

English English Spanish Spanish