Text Size:   A+ A- A   •   Text Only
Find     
Site Image

Frequently Asked Questions - Health Savings Accounts (HSA's)
U.S. Bank - OEBB's preferred HSA vendor
U.S. Bank Logo
 
OEBB has contracted with U.S. Bank as the preferred vendor for HSA accounts.
 
U.S. Bank has their own FAQ page as well as a lot of great tools and information on their Healthcare Payment Solutions website including an interactive HSA presentation.  
 
For more information, please visit the links below.
 
U.S. Bank FAQ Page: http://www.mycdh.usbank.com/faq.html
U.S. Bank Website (Healthcare Payment Solutions): http://www.mycdh.usbank.com 
U.S. Bank Interactive HSA Presentation: http://myusbankhsa.learncdhc.com
 
You can also view or print an HSA FAQ pdf document created by U.S. Bank.
 
What is a Health Savings Account (HSA)?
A health savings account (HSA) is a tax-exempt trust or custodial account that you set up with a qualified HSA trustee to pay or reimburse certain medical expenses you incur. You must be an eligible individual and have an HSA-compliant health plan to qualify for an HSA.  To qualify for an HSA you must meet requirements that are established by the IRS. For a list of the requirements, please call the IRS or visit their website.
 
I need to be covered under a high deductible health plan (HDHP) to qualify for an HSA. Do any of the OEBB plans meet the criteria as an HDHP?
Yes, ODS Medical Plan 9 meets the IRS criteria as a high deductible health plan (HDHP).
 
My spouse and I both work for a school district and both qualify for benefits. If I enroll myself and my spouse in ODS Medical Plan 9, can we also be enrolled in my spouse’s plan (non-HDHP), so that we have double coverage? Does this affect my ability to qualify for an HSA?
According to the IRS, one of the requirements to qualify for an HSA is that you generally cannot have any non-HDHP health coverage. There are a few exceptions, and those can be found by visiting the IRS website.
 
If you are currently enrolled in ODS Medical Plan 9 and a non-HDHP, you will need to work with your qualified HSA trustee and possibly your educational entity to reduce or discontinue the contribution into the HSA. OEBB cannot allow you to drop or change plans outside of the Open Enrollment period, as this is not a qualified status change (QSC) as defined by OEBB rules.
 
My spouse and I both work for a school district and both qualify for benefits. If we both enroll in ODS Medical Plan 9 and cover each other as well resulting in double coverage, is this okay or will it affect our ability to qualify for an HSA?
This is okay because ODS Medical plan 9 is an HSA-compliant plan. There are rules for married people that are set forth by the IRS, therefore you will definitely want to talk with a qualified HSA trustee representative, or call the IRS or visit their website.
 
I enrolled in ODS Medical Plan 9. Am I required to open an HSA?
No, ODS Medical Plan 9 may be used in conjunction with an HSA, but it is not a requirement.  If you do not have an HSA, ODS Medical Plan 9 will coordinate benefits with other health plans.
 
I have questions about how my HSA impacts my personal taxes. Who can I contact?
You should seek tax advice by either talking with your qualified HSA trustee or a tax professional, or by calling the IRS directly. OEBB cannot give any tax advice.
 

Click here to view the IRS Publication on Health Savings Accounts.
 
 

Need information on a different topic? Review more Frequently Asked Questions.