HEALTH SAVINGS ACCOUNT

What is a Healthcare Savings Account?

Your employer offers a HSA-qualified High-Deductible Health Plan (HDHP) as a health insurance benefit. If you are participating in the HDHP, your employer is offering to assist you in budgeting for any healthcare related expenses your health plan does not cover, including expenses you will be responsible for prior to reaching your health plan’s deductible. 

 

With this account, you’ll save 25% - 40% on your out-of pocket healthcare related expenses. The contributions you make will be deducted from your paycheck before taxes are taken out. You can spend your HSA during the current year or save it for the future. You can even save your HSA to pay medical expenses when you retire.

 

Here are some important features to consider:

  • Funds in your HSA are available only as they are deposited into
    your account. 

  • Any money left in your HSA belongs to you and rolls over from 
    year to year.

  • The balance in the HSA is yours to keep, even if you terminate
    employment or retire. 

  • You have an option to save the money in an interest-bearing FDIC 
    insured account or invest it in 
    securities or mutual funds. 


If you elect the HSA, your employer may also allow you to
contribute to a Limited Flexible Spending Account (LFSA).
It’s limited because you can only use it to pay dental and vision
expenses that are not covered by another plan.

2020 Contribution Limits

The IRS contribution limits for 2020 are:

  • $3,550 annual maximum for Single, and

  • $7,100 annual maximum for Family.

 

 

 

 

 

 

HEALTH REIMBURSEMENT ACCOUNT

 

What is a Health Reimbursement Account?

The HRA Account enables employers to purchase a higher deductible or out-of-pocket plan from their insurance company. Your employer
may then choose to offer a reimbursement to employees out of the savings. Unused account balances are flexible and may be carried
forward from year to year. These accounts can also be utilized at retirement to offset Medicare payments or to subsidize COBRA.  

There are several types of HRA Accounts including Deductible Gap HRAs, Comprehensive HRAs, Limited HRAs, and HRAs combined with
Flexible Spending Accounts. Please refer to your Enrollment Packet for your HRA Plan specifics. 

 

 

 

 

Getting Your Money Back

Submit your claim online at Northcoastadmin.wealthcareportal.com or mail or fax your claim form and receipts to us at:

24700 Center Ridge Road, Suite 260

Westlake, OH 44145                                         

 

Fax: 440-835-1188

Check out our Claims page for more information!

What expenses are eligible for HSAs?

  • COBRA premiums

  • Co-insurance and co-pays

  • Prescriptions

  • Dental care (including extractions and braces)

  • LASIK and laser eye surgery

  • Deductibles for Medical, Dental, Vision and Prescription

  • Physical therapy

  • Flu shots

  • Hospital services and fees

  • And much more!

Use the Visa debit card instead of your own credit card or cash to pay for eligible expenses. Swipe and go!

What expenses are eligible for HRAs?

  • Breast pumps and supplies

  • Co-insurance and co-pays

  • Crutches, canes, walkers

  • Dentures and bridges

  • Diagnostic services

  • Deductibles for Medical, Dental, Vision and Prescription

  • Eye exams and surgery

  • Flu shots

  • Physical exams

  • And much more!

Use the Visa debit card instead of your own credit card or cash to pay for eligible expenses. Swipe and go!

© 2020 by NCA, Inc.      >>>     Call us: 800-677-6690     >>>     Follow us:

  • LinkedIn Basic