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!
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.
: 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.