Health Savings Account (HSA)

Key Features of an HSA:

  • Convenient Access to Funds: The Beniversal Card provides you with instant access to HSA funds at merchants providing medical products and services. You can also access HSA funds through checks, bill pay, and online transfers to or from a personal account. Click here to learn more.
  • Online Account Access: Your Beniversal Health Savings Account is available through BRIWEB and the BRIMOBILE app. Need help getting started? Check out our Login FAQs page.
  • Investment Opportunities: Each account is opened as an FDIC-insured, interest-bearing account. The investment platform provides access to a best in class mutual funds portfolio.  Click here to learn more.
  • Real-time Account UpdatesSign up for BRI ALERTS through BRIWEB or BRIMOBILE to receive real-time alerts by text* or email.
  • SupportContact Participant Services Monday – Friday, 8am – 8pm (Eastern Time) via phone, email, and live chat. Representatives are available in both English and Spanish.

Note: Standard text messaging rates from your wireless service provider may apply.

How do I use my HSA?

Internal Revenue Code (IRC) Section 223 allows individuals who are covered by a compatible health plan, often referred to as a High Deductible Health Plan (HDHP), to set aside funds on a tax-free basis up to the contribution limit to pay for certain out-of-pocket medical expenses. Health Savings Accounts have a triple tax benefit—funds go into the account tax-free, funds grow tax-free, and remain completely tax-free when used for eligible medical expenses.

Here are some other unique aspects of HSAs as defined in IRC Section 223:

  • They are owned by you, the participant.
  • They can be funded by you, your employer, or even a third party.
  • HSAs carry over from year to year and are portable if employment changes.
  • The IRS sets the annual contribution limits and limits the types of health plans that qualify for an HSA.
  • HSA funds can continue to be used for eligible medical expenses, even if you become ineligible to contribute in the future.

Contributions can be made by you, your employer, or a third party (e.g. family member or friend). Contributions can either be made on a tax-free basis through a Section 125 Plan or directly into the account on a tax-deductible basis. The IRS sets the maximum annual contribution limit. Generally, HSA contributions do not have to be prorated; however, certain exceptions and conditions apply. Contributions can be made at any time up until the tax filing deadline, typically April 15.

IRS Contribution LimitsSingle CoverageFamily Coverage
Contribution Limit (2022)$ 3,650$ 7,300
Contribution Limit (2021)$ 3,600$ 7,200
Contribution Limit (2020)$ 3,550$ 7,100
Additional Catch-up Contribution
(for those 55 and older)
$ 1,000$ 1,000
To be eligible to contribute to an HSA, you must meet a few basic requirements. 1. You must be covered by a compatible health plan. The IRS defines the minimum deductible, maximum out-of-pocket, and eligible coverage requirements of an HSA-compatible plan. Your employer benefits representative should be able to indicate if a specific plan(s) qualifies.
IRS HDHP Limits Single Coverage Family Coverage
HDHP Minimum deductible (2022) $ 1,400 $ 2,800
HDHP Maximum out-of-pocket (2022) $ 7,050 $ 14,100
HDHP Minimum deductible (2021) $ 1,400 $ 2,800
HDHP Maximum out-of-pocket (2021) $ 7,000 $ 14,000
HDHP Minimum deductible (2020) $ 1,400 $ 2,800
HDHP Maximum out-of-pocket (2020) $ 6,900 $ 13,800

2. You cannot be covered by any non-qualified health plan as it constitutes ineligible coverage. Examples of ineligible coverage include:

  • Enrollment in a General Medical Flexible Spending Account (FSA) or Health Reimbursement Account (HRA).
  • Coverage under a spouse’s Medical FSA or HRA.
  • Coverage under a spouse’s health plan that is not an HSA-compatible health plan.
  • Enrollment in a prescription plan which provides benefits before the health plan deductible is satisfied. Note: Programs which provide discounts (but not insurance) on prescriptions are acceptable.

3. You cannot be enrolled in Medicare.

4. You cannot be claimed as a dependent on another person’s tax return.

An HSA is an amazing tax-free savings and health care spending tool, but it can also be a little overwhelming if you don’t know what to expect. Remember, you own the HSA funds and are responsible for verifying the funds are used for eligible expenses. Always save your receipts!

ACCOUNT COMMUNICATIONS

Once enrolled in a Health Savings Account (HSA) with BRI, you can expect to receive a series of communications regarding your new account. All items should be received within two weeks of account opening.

  • Account Welcome Email: Provides confirmation that your account has been opened, along with information on “what to expect”.
  • Welcome Letter: Provides detailed account information, including account number and account terms.
  • Beniversal Card: Your Beniversal Card will arrive separately. If you already have a Beniversal Card for another account, your HSA funds will be added to your existing card as they become available in the HSA. Please review the card carrier and Cardholder Agreement provided with the card. Once you receive your card, you will need to call to activate it.

You will also receive a number of ongoing communications. These include:

  • Periodic Statements: You will automatically receive a paper statement. There is a fee from the bank which is deducted from the balance. To avoid this charge, you can opt to receive electronic statements by logging into your HSA at BRiWeb.
  • Tax Documents: An HSA requires some tax reporting. You will receive a year-end summary and IRS Form 1099-SA by January 31 of each year. Your employer will also report pre-tax contributions on your W-2.  IRS Form 5498-SA is mailed between April 15 and May 31 as confirmation of the contributions made for the prior year.

USING YOUR HSA ACCOUNT

Beniversal HSA provides a variety of options for using your account funds.

  • Beniversal Card: You will automatically receive the Beniversal Card at enrollment for your HSA. The Beniversal Card can be used at merchants providing medical products and services.
  • Online Bill Pay: You can pay providers or reimburse yourself directly through bill pay. Bill pay is accessible by logging into your HSA.
  • Online Transfers: Online transfers allow you to send or receive funds from a personal checking or savings account to your HSA. Online transfers is accessible by logging into your HSA.

PLEASE NOTE: An HSA is a cash balance account, which means you will only have access to the funds you have deposited into your account. If you incur an expense and funds are not available, you will need to pay for the expense with alternative funds and reimburse yourself once funds are available in the HSA. You can reimburse yourself by setting yourself as a payee in bill pay, transferring funds to a personal account, or writing a check to yourself.

HSA Resources

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How do I get started?

Contact your employer benefits representative for details on how to enroll in an HSA. You will have a designated enrollment period each plan year. Visit our Resource Center to learn more about enrolling in an HSA