How to use your Health and Dependent Care Savings Accounts

What is a Health Savings Account (HSA)?

 A Health Savings Account (HSA) is a savings account that lets you set aside pretax money for medical costs. It’s handy to save for health care expenses and reduce your taxable income.

Who can use it?

To save to an HSA, you must enroll in a high-deductible health insurance plan (HDHP), as defined by the government. You also must ensure you are not excluded from participation due to Medicare enrollment or other disqualifying events.

How can I use the funds?

HSA funds can cover deductibles, copays and coinsurance, dental and vision costs, over-the-counter drugs, feminine hygiene products and other qualified medical expenses not covered by your plan. You can use the funds for these costs incurred by you, your spouse and dependents.

How much can I contribute?

Each year, you decide how much to contribute to your HSA, though you can’t exceed government-mandated maximums. In 2024, people with self-only coverage can save up to $4,150 to an HSA, and people with family coverage can save up to $8,300.

Does CMA contribute to my HSA account too?

Yes, CMA will provide a dollar for dollar match up to $25 per pay period to your HSA account              if you contribute the same amount or more.

How do I access and use the funds?

Our HSA accounts are administered by Health Equity.  You can use your funds easily with your Health Equity Visa card, or by requesting reimbursement online.

You can manage your account online and request replacement Health Equity Visa cards by visiting

member.my.healthequity.com

What is a Dependent Care Flexible Spending Account (DCFSA)?

A Dependent Care FSA can be used to pay for eligible dependent care services, such as preschool, before or after-school programs, and adult daycare.  You may contribute up to $5000 per year, tax per paycheck and you can use the funds as they accumulate.

How do I use the funds?

The DCFSA is also administered by Health Equity, but the process is a little different.  You can request reimbursement for your eligible dependent care expenses from your Health Equity dependent savings account online at https://my.healthequity.com/Member/AccountSummary

If you have questions about an expense and whether it is eligible for either HSA or DCFSA funds you can reach out to the Hilb Client Advocate at: advocate4me@hilbgroup.com or by calling tel:800-867-1129