Results for Health Savings Account
What is an HSA?
The HSA option comes with a Health Savings Account funded by Rockwell Automation and you (if you choose)—an account that uses tax-free dollars to help pay current and future health care expenses. When you enroll in the HSA option, your HSA is opened for you. Then, Rockwell Automation makes a contribution to help offset your health care expenses: $500 for you, $1,000 for family.
Eligible HSA Expenses
Eligible HSA expenses include medical, dental and vision expenses.
If you use your HSA funds for non-qualified expenses, you’ll pay a 20% tax penalty if you’re under age 65 and the money will be taxable. So make sure your expenses are eligible. For a complete list of eligible expenses, see IRS Publication 502 (go to irs.gov and type “Form 502” in the search box).
| HSA In-Network | |
|---|---|
| Who Owns the Money? | You |
| Who Can You Use the Money For? | You or your tax dependents whether or not they are enrolled in the plan |
| Do the Dollars Roll Over Year to Year? | Yes |
| Can You Take the Unused Balance with You? | Yes, including any earnings |
| Do You Have to Save Receipts or File With Your Tax Return? | Yes, you must file a Form 8889 with your federal income tax return each year that you have money in your HSA, and you must save receipts to verify withdrawals for eligible expenses |
| Can the Money Earn Interest? | Yes, interest is automatically applied if you have a balance |
Using the Money in Your HSA
You can use the money in your HSA to pay for current or future expenses for you and your tax dependents, even if they are not enrolled in your medical plan.
Also, if you are enrolled in the HSA option, you can only use the Limited Purpose Health Care Flexible Spending Account (FSA) funds to pay for eligible dental or vision care expenses that are not covered by any other plan until you have satisfied the HSA plan deductible. Once the deductible is met (in-network or out-of-network), you can also use your FSA funds for coinsurance on medical expenses.
FSA Reimbursement for Domestic Partners and Children of Domestic Partners
Unless your domestic partner or your domestic partner’s children are eligible for federally tax-free health benefits, you cannot use a Health Care Flexible Spending Account (FSA) or Health Savings Account (HSA) to reimburse yourself for their medical expenses. Unless you can claim your domestic partner’s children as federal tax dependents, you cannot use a Dependent Care Flexible Spending Account (FSA) to reimburse yourself for their care.
