Information regarding your HSA is available through Benefit Wallet, and can be accessed through the Employee Portal or through this link https://mybenefitwallet.com/.
In addition to access to your statement, you can access various forms through the Resource Center. Helpful forms include:
- Beneficiary Designation Form
- Additional Signature Authorization Form
- Durable Power of Attorney Form for your HSA
Additionally, through Benefit Wallet you can reimburse yourself for qualifying purchases, make additional contributions (up to the annual contribution limit), or manage your investment selection (available when you have over $1,000 in your HSA).
Your HSA can serve as an important resource in retirement planning, and should be considered with your financial advisor. Below is some general information to consider in planning (current through December 2017):
- Contributions to your HSA are tax deductible, and the District's monthly contribution is not included in your taxable income. Your account balance grows tax free, and withdrawals for qualified medical expenses are not taxed.
- When you are age 55 and older, you can make a "catch-up" contribution of up to $1,000 more than the annual contribution limit.
- There are no required distributions from your HSA, and you can contribute until you are 65 or are eligible for Medicare (so long as you are enrolled in a high deductible plan).
- While a withdrawal from your HSA prior to reaching age 65 will incur a 20% penalty, after age 65, funds can be removed for any purpose without incuring a penalty. However, funds used for non-qualified medical expense will be taxable income to you when withdrawn,