Health Savings Account (HSA)
No matter which plan option you choose — Blue or Green — K-C contributes money to your HSA that you can use to pay for care today, or save for health care down the road. You can also contribute money to your HSA.
K-C's HSA Contribution*
If you’re enrolled in the Consumer Driven Health Plan (CDHP) Blue or Green with HSA as of January 1, K-C gives you:
- $700 in your HSA for Individual coverage,
- $1,400 for 2-Party, and
- $1,400 for 2-Party Plus.
*If you enroll in the CDHP Blue or Green with HSA after January 1, K-C’s contribution is prorated.
Your HSA Contribution
You can also make your own contributions to your HSA, tax free, up to the IRS limits. In 2018, the HSA contribution limit is $3,450 for individuals and $6,900 for a family. In 2019, the HSA contribution limit is $3,500 for individuals and $7,000 for a family. The 2018 and 2019 IRS limits include both your and K-C's HSA contributions. Also, if you're 55 years or older, you can contribute an additional $1,000 per year.
Contributing to your account is easy and it’s tax-free. That means contributions come out of your paycheck before taxes are taken out, which lowers your taxable income and helps you save money for future health care expenses. And, when you spend those dollar on health care, they come out tax-free too.
You have total control over how much goes in and out of this account. You set the amount and can change the contribution at any time before November 2 at K-C Benefit Compass. You can even go to ConnectYourCare and make additional contributions to your HSA from your personal bank account. Just remember the IRS limits.
Using the Money in Your Account
When you enroll in the CDHP Blue or Green, an HSA will be opened with UMB Bank (UMB). Our HSA administrator, ConnectYourCare offers online tools and information to help you manage your account.
You can also pay for eligible expenses in two ways:
- With your ConnectYourCare payment card, or
- Through ConnectYourCare’s website or mobile app
For tools and information to help you manage your account, contact ConnectYourCare by:
- Visiting ConnectYourCare,
- Calling 844-594-1228, or
- Using their mobile app for smartphones.
Get an Advance with HSA On Demand
In the CDHP Blue or Green with HSA, if you're an active employee who has elected to contribute to your HSA, you can borrow against your future contributions with HSA On Demand . This way, you have the money you need to cover eligible expenses before the funds are actually deducted from your paycheck and deposited to your HSA, up to your current HSA annual election (your annual contribution + K-C’s contribution).
If you use HSA On Demand, your future HSA payroll deductions will automatically repay the advanced amount. If you reduce your payroll deductions or leave K-C before fully repaying the balance owed, you'll receive a notice from K-C and be required to repay the amount due.
What Happened to My FSA Rollover?
Any funds, up to the $500 IRS rollover limit, will automatically be transferred to a Limited Use FSA at year end. Those dollars can be used to help cover out-of-pocket costs for dental and vision expenses in the following year.
Just remember to use any funds in your 2018 Limited Use FSA over the $500 IRS FSA rollover limit before December 31, 2018. Then, be sure to submit all claims to ConnectYourCare by March 31, 2019. Use ConnectYourCare’s mobile app or go to ConnectYourCare.com for details or to submit claims. Call ConnectYourCare 24/7, 365 at 844-594-1228 if you need help.
How Other Coverage Outside of K-C Impacts HSA Eligibility
If you’re enrolled in TRICARE, Medicare, or a non-high deductible health plan outside of K-C, the IRS specifies that you cannot contribute to or receive company contributions into an HSA. There are also special eligibility considerations for Veterans Administration benefits. If you're ineligible for an HSA, you'll be offered a CDHP with Health Reimbursement Account (HRA) that meet IRS restrictions. Click here to learn more about HSA eligibility.