A Health Savings Account (HSA) is a pre-tax savings account used to pay for qualified medical expenses, both during employment and in retirement. You may also use the HSA for dental and vision expenses. HSA’s are only available to participants enrolled in the LG Consumer Health Insurance Plan.
Employees who elect to participate in the LG Consumer Plan will be automatically enrolled in the HSA (although you will not be required to contribute to the HSA). Therefore, you must be eligible to own a HSA before you may participate in the LG Consumer Plan. The IRS has strict guidelines to determine who is eligible to own and contribute to a HSA – see below for further detail:
Individuals eligible to own a HSA:
Consider contributing to your HSA as a way to save tax-free for your medical expenses in retirement. You can also use your HSA funds to pay for future Medicare premiums and out-of-pocket expenses, including: deductibles, co-payments and co-insurance.
HealthEquity is LG Health’s HSA Administrator. Plan HealthEquity representatives are available 24 hours a day, 7 days a week, and 365 days a year if you need help using your HSA or with any questions regarding the LG Consumer Plan. View your HSA balance, transactions, account history and gain access to tutorials, videos, and other resources at www.healthequity.com or 1-866-346-5800.
Balances of more than $2,000 can be invested in mutual funds with no setup or trading fees, with no minimum required investment. Access the link below for more information about the investment options available: http://marketing.healthequity.com/cmsdocuments/HE_HSA_INVHEQ.pdf
Pay for your qualified medical expenses by swiping your HealthEquity card and completing the transaction just like you would use a credit or debit card. The medical expense will be deducted directly from your HSA balance, without need to submit a request for reimbursement.
HSA Contributions are made through payroll deduction – similar to how you would contribute to your Retirement Income Account with LG Health. You can increase, decrease, start or stop your HSA contribution at any time as long as you are participating in a high deductible health plan.
Make changes to your contribution amount by logging into Workday and completing a Benefit Change Request. Click here for step-by-step instructions.
During the 2019 calendar year, you can contribute up to $3,500 to your HSA for individual coverage or $7,000 for family coverage. Employees age 55 and older may make an additional “catch-up” contribution of $1,000.