What is an HSA benefit wallet?
An HSA is a tax-advantaged savings account, similar to a traditional Individual Retirement Account (IRA), but designated for qualified medical expenses. An HSA allows you to pay for current qualified medical expenses and save for future qualified medical expenses on a tax-favored basis.
What bank is benefit wallet?
The Bank of New York Mellon
BenefitWallet is a solution offered by Conduent Human Resource Services and is one of the nation’s top health account administrators. With The Bank of New York Mellon as our custodian, we manage over one million accounts and serve employer customers of all sizes.
What is my benefit wallet?
We offer a personalized and simplified approach to help members manage their health care costs and accumulate wealth with tax-advantaged health accounts. BenefitWallet integrates the member experience across the continuum of health care engagement, funding, saving and payment.
What can I use my HSA for?
HSA – You can use your HSA to pay for eligible health care, dental, and vision expenses for yourself, your spouse, or eligible dependents (children, siblings, parents, and others who are considered an exemption under Section 152 of the tax code).
How much can I contribute to my HSA in 2020?
$3,550
Consumers can contribute up to the annual maximum amount as determined by the IRS. Maximum contribution amounts for 2020 are $3,550 for self-only and $7,100 for families. The annual “catch- up” contribution amount for individuals age 55 or older will remain $1,000.
What do I do with my HSA after I quit my job?
Your HSA is yours and yours alone. It is yours to keep, even if you resign, are terminated, retire from, or change your job. You keep your HSA and all the money in it, but keep in mind that there may be nominal bank fees if you are no longer enrolled in your HSA through your employer.
Can I use my HSA at an ATM?
You can use your HSA card at an ATM to reimburse yourself for eligible expenses paid out-of-pocket. (A transaction fee may apply. See your HSA Bank Fee and Interest Rate Schedule.)
Can I cash out my HSA?
Can I withdraw the funds from my HSA at any time? Yes, you can withdraw funds from your HSA at any time. But please keep in mind that if you use your HSA funds for any reason other than to pay for a qualified medical expense, those funds will be taxed as ordinary income, and the IRS will impose a 20% penalty.
