If you enroll in the Consumer Choice Plan, ACS will contribute funds to a health savings account (HSA) each year, which you can use to help meet your deductible and pay for covered medical expenses. The amount you and ACS contributes to your HSA each year is based on your coverage election and the number of full months you participate.
You may also contribute to the HSA, up to set maximums as determined annually by the IRS. The following chart shows how much you and ACS can contribute:
Coverage level |
ACS contributions/ full month of participation | Maximum annual ACS contribution | Your maximum contribution/full month of participation | Your annual maximum contribution | Total annual maximum contribution |
| Employee only |
$45 |
$540 |
$209.17 |
$2,510 |
$3,050 |
| Employee + spouse or domestic partner |
$90 |
$1,080 |
$422.50 |
$5,070 |
$6,150 |
| Employee + child(ren) |
$90 |
$1,080 |
$422.50 |
$5,070 |
$6,150 |
| Employee + family |
$90 |
$1,080 |
$422.50 |
$5,070 |
$6,150 |
If you’re age 55 or older, you’re also eligible to contribute an additional $1,000 per year to your HSA as a catch-up contribution; however, this option is not available through payroll deduction. Catch-up contributions can be made with after-tax contributions directly into your account by submitting a check payable to BNY Mellon along with a deposit slip. For more information go to www.hsamember.com or call the HSA Solution Contact Center at 877-635-5472.
If you do not use your entire account in a given year, the amount remaining rolls over to the next year. There is no limit to how much you can roll over year to year. The result is that in future years you may not have to use your own money to meet your deductible. So over the long-term you can accumulate money in the HSA to help pay for your future health care needs.
The HSA is your own bank account and you will receive a debit card and a check book which you can use to pay for medical expenses. Your account is funded each month with ACS’ contributions and your own contributions. Only the funds that have already been contributed are available to withdraw. The HSA has overdraft penalties just like any other bank account. ACS pays the monthly account maintenance fee as long as you are enrolled in the Consumer Choice Plan and are an active ACS employee.
The HSA is an interest-bearing account. In addition, once the balance of your account reaches $2,000, you will be able to invest your account in investment options that may yield a higher rate of return.
If you enroll in the Consumer Choice Plan and do not activate your account within 90 days of your coverage effective date, ACS’ contributions for the year will be forfeited and all of your own contributions will be refunded to you and will be considered taxable income. A reminder will be sent to you requesting that you activate your account before it will be closed. Once the account has been closed, you will not be able to re-open it during that calendar year.
———————————————————————————————————-
Questions about your employee benefits or other Human Resources issues? Contact the Workplace Solutions Center at (888) 471-2271.