HSA Checklist for KDB 2024

H E A LT H S AV I N G S A C C O U N T

CHECKLIST

H E A LT H SAV I N G S ACCO U N T C H EC K L I ST FO R E M P LOY E E S When selecting a health plan, there are many factors that impact your decision. For those who prioritize flexibility, a high level of choice and tax-advantage savings, a health savings account (HSA) may be a good option. HSAs are tax-advantaged savings accounts that accompany high deductible health plans (HDHPs). They can be a great way to save money and efficiently pay for medical expenses. If you have enrolled in an HSA or are considering doing so, use this checklist to get the most out of your benefits.

DURING OPEN ENROLLMENT Ensure that you’re eligible to enroll in an HSA-qualified plan. This generally means that: +

You have coverage under an HSA-qualified HDHP.

+

You don’t have another health insurance plan (including a spouse with a full Medical Flexible Spending Account (FSA)).

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You are not enrolled in Medicare.

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You cannot be claimed as a dependent on someone else’s tax return.

Educate yourself on HSA contribution limits, deductibles, out-of-pocket maximums and qualifying medical expenses.

Enroll in an HSA-compatible plan.

Open an HSA account.

List all known medical needs for the upcoming year, including elective surgeries, childbirths, blood work and routine preventive care visits.

Determine the amount you want to contribute to your HSA account.

Contribute to your HSA account. This can typically be done through payroll deductions.

Select the beneficiaries for your HSA account.

Confirm your beneficiaries are current and accurate.

Set up online access to your HSA account to manage the account, track activity and direct investments, if offered.

This checklist is merely a guideline. It is neither meant to be exhaustive nor meant to be construed as legal advice. It does not address all potential compliance issues with federal, state or local standards. Consult your licensed representative at MJ Insurance, Inc. or legal counsel to address possible compliance requirements. © 2023 Zywave, Inc. All rights reserved.

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H E A LT H S AV I N G S A C C O U N T C H E C K L I S T

DURING THE YEAR

COMPLETED

Decide how to use your HSA account throughout the year.

Manage your HSA contributions.

Make any necessary adjustments to your HSA contributions (e.g., requiring additional funds to reimburse unexpected medical expenses).

Make informed and cost-effective health care decisions, which can lower your overall health care costs.

Check your HSA account balance regularly.

Review your HSA statements monthly or quarterly.

Maintain accurate records of all your HSA transactions.

Report all HSA contributions and distributions to the IRS on your annual taxes.

Develop a long-term financial strategy to maximize the tax benefits of your HSA account.

An HSA can help you save money, reduce your medical expenses and prepare for retirement. Taking the time now to understand and effectively use your HSA can help you get the most out of your health benefits.

This checklist is merely a guideline. It is neither meant to be exhaustive nor meant to be construed as legal advice. It does not address all potential compliance issues with federal, state or local standards. Consult your licensed representative at MJ Insurance, Inc. or legal counsel to address possible compliance requirements. © 2023 Zywave, Inc. All rights reserved.