Health Savings Account

	Wells Fargo Phone:  (866) 890-8309 Website:  http://www.wfhbs.com/hsa.htm

Individuals that select a high deductible health plan and have no other health coverage, may elect to set aside funds on a pre-tax basis to pay for certain out of pocket medical expenses.  This plan works similar to the Medial Reimbursement Account, with some significant differences. The funds in this account may be invested and the earnings from those investments go into the account on a tax free basis.  The employee owns the funds in this account at all times and the balances may be rolled over from year to year.  The funds in this account may be used after the participant leaves County employment.

The maximum you can contribute in 2008 is $2,900 for single coverage and $5,800 for family coverage.   The Internal Revenue Service has defined eligibility for the Health Savings Account.  The IRS requires that you be in a high deductible plan with no other non-high deductible coverage.  You will submit claims directly to the financial institution where your deposits are made.  For Wells Fargo, click here.  It is your responsibility to know if these are eligible expenses or not.  Neither the County nor the financial institution will audit these claims.  However, if your individual tax returns are audited, you are responsible to prove that the claims were eligible.

The following flow chart describes how you decide if you are eligible for a Health Savings Account.

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