• Health Savings Account (HSA)

Fidelity

The Navigators HSA

The health savings account (HSA) works in partnership with The Navigators HDHP medical plan. When you enroll in the medical plan, you have an opportunity to set up an HSA with Fidelity. An HSA is a special tax-favored savings account that allows you to save and pay for eligible health-related expenses permitted under federal tax law.

How the HSA Works

Click a topic below to learn more:

You are eligible to open an HSA if:

  • You are not enrolled in Medicare
  • You are covered by an HSA-qualified HDHP, such as the health plan of The Navigators
  • You cannot be claimed as a dependent by another person
  • You are not covered by an additional, non-HDHP insurance program

Note: If you do not meet the HSA eligibility requirements, you can still enroll in the HDHP medical plan. However, you would not be eligible to open an HSA. A health care flexible spending account (FSA) is available to those who are not eligible for the HSA.

You may spend your HSA funds on eligible health-related expenses that your plan doesn’t cover, such as:

  • Medical plan deductibles, coinsurance and copays
  • Vision and dental services, including orthodontia and LASIK
  • Prescription drugs
  • Medical devices like crutches and prosthetics
  • Most over-the-counter medications, devices and supplies
  • Personal protective equipment (PPE) for the purpose of stopping the spread of viral infections like COVID-19
  • Nursing home costs
  • And more

For a complete and up-to-date list of eligible health-related expenses, see IRS Publication 502.

Triple-Tax Savings
  • Payroll contributions are made pre-tax
  • Interest and investment growth is tax-free
  • Withdrawals are not taxed when used for eligible health-related expenses

Please note: This refers to federal taxes. State taxation rules vary. Consult your tax advisor for more information.

It’s Your Money
  • You choose how much to contribute (up to IRS limits) and can start, stop or change contributions at any time
  • Unused money rolls over from year to year
  • Your account stays with you even if you change plans, leave your job or retire

Your maximum allowable contribution is determined each year by the IRS. The 2021 limits are:

  • $3,600 for employee-only coverage
  • $7,200 for family coverage
  • $1,000 in additional catch-up contributions if you are age 55+

Click here for instructions on how to open your Fidelity HSA.

Your HSA will be available to you once you activate your account (after the first of the new year or the first of the month following your date of hire). As it is a debit account, you will only be able to use the funds currently available in your account. You will only be able to cover expenses incurred after your HSA was established.

Fidelity offers many convenient banking options to access your HSA funds:

  • Use your Fidelity HSA Debit Card to pay for eligible health-related expenses at your doctor’s office, select drugstores and pharmacies (Fidelity will send you a debit card after you open your account).
  • Submit claims online for reimbursement at www.netbenefits.com (You will need to scan and upload your receipt, bill and Explanation of Benefits (EOB) if applicable).
  • Use Fidelity BillPay to pay electronic bills with your HSA funds. Choose a one-time payment or automatic recurring payments to save you time—both options are free.

Fidelity offers many tools to manage your account:

  • Expense Tracker tool:
    » Consolidate and manage your health care bills
    » Enter expenses online, track and categorize
    » Securely upload receipts or supporting documentation
  • Tools to estimate medical and prescription expenses

Whose Expenses Can Your HSA Cover?

You may use your HSA funds to pay for eligible health-related expenses for yourself, your spouse, your dependent children and others you claim as dependents on your federal tax return — this is true even if they are not covered under the HDHP medical plan. (Remember, if the dependent isn’t covered under the medical plan, their expenses won’t be applied toward the plan’s deductible.)

Fidelity

Plan # 23221

(800) 343-0860

www.netbenefits.com

Looking for your Optum account?

Prior to 2020, Optum was the HSA administrator for The Navigators. If you still have an account with Optum, contact:

You can learn how to transfer your HSA funds to Fidelity.

There are an array of resources and plan documents available in our Document Library, so you can dive further into the details.

Questions on your benefits?

HR Benefits Department

benefits@navigators.org

(719) 594-2441

© 2021 - The Navigators - Created by HUB International