Health Savings Account

Provider Contact
Wex Health, Inc.
1.866.451.3399

External Links
Wex Benefits Login

IRS Publication 502

PDFs
Health Savings Overview 2024

Health Savings Account / Wex

Changes for 2024:

• IRS limits increased from $3850 to $4,150 for Employee Only and from $7,750 to $8,300 for all other coverage tiers (these limits include Maritz contributions).

The HSA is a tax-free savings account to help you pay and/or save for eligible medical, dental, vision, and prescription drug expenses with tax-free dollars. The HSA is yours to keep - even if you retire or leave Maritz.

The employee chooses which expenses are paid with HSA funds.  You may wish to use the funds for medical or prescription expenses applied to the medical plan deductible, or for dental or vision expenses.  The decision is yours!

If you elect coverage under the Medical plan, and meet the eligibility requirements to participate in an HSA below, you will need to enroll in the Health Savings Account (even if you do not wish to make additional contributions of your own) so that you will receive the additional funds from Maritz to help you pay for expenses that are applied to the medical plan deductible or other out-of-pocket costs.

HSA Eligibility

To be eligible for the HSA, you must be enrolled in the Maritz medical plan.

You are not eligible to participate in an HSA if any of the following apply:

• You (the employee) are also covered under another medical plan that is not a high-deductible plan, such as a PPO, HMO, or Medicare (including Part A)

• Your spouse participates in a Health Flexible Spending Account (FSA), unless it is a limited purpose FSA (can only be used for dental and vision expenses, not medical)

• You can be claimed as a dependent on someone else’s tax return

If any of these apply to you, contact the Benefits Department right away so we can waive your HSA for you. (Workday won’t allow you to waive it yourself if you are enrolled in the medical plan.)

If you will become eligible for Medicare coverage, and intend to remain on the Maritz medical plan, you MUST decline all parts of Medicare, including Part A which is free to most people. If you don’t, you must notify the Benefits Department so we can waive your HSA.

Important Note: Although your children are eligible for coverage up to age 26 for medical, dental, and vision plans, the IRS only allows you to use your own HSA funds for dependents you can claim on your tax return.

Contributions

Maritz will make contributions to the HSA for each employee enrolled in the Maritz medical plan each calendar year. The amount contributed each calendar year will depend on the number of full calendar quarters during the year you are enrolled and the coverage tier you elect (employee only, employee and spouse, employee and children, employee and family).

The Maritz contribution to your HSA account will be made on the first paycheck of each calendar quarter. Refer to the chart below for the schedule of contribution dates and amounts. There will be a retroactive contribution made for any new hire or mid-year status change entered within the 31-day enrollment window but after the regular scheduled quarterly contributions have been processed. Any new enrollments with effective dates after the first day of a calendar quarter will not be eligible for a Maritz contribution for that quarter.

Contribution Schedule

You also have the ability to make pre-tax employee contributions in addition to the Maritz contributions paid to the account (This means you must be enrolled in the Maritz medical plan in order to make employee contributions to the HSA.). This is a great way to lower your out of pocket costs by paying for expenses with pre-tax dollars.

Contribution Limits

For employee and employer contributions combined, the 2024 annual calendar limits are:

• $4,150 if you have employee only medical coverage

• $8,300 if you cover at least one or more family members

• If you are age 55 or above, you are eligible to make catch-up contributions up to an additional $1,000 per calendar year.

You must have at least one family member enrolled in the Maritz medical plan in order to contribute up to the $8,300 limit.  However, if you enroll in employee-only medical coverage, you have the option to use your HSA funds towards expenses of family member expenses who are not enrolled on the Maritz medical plan. 

Employee contributions to the HSA are available for use as they are paid into the account – the full annual election is NOT available on January 1.

Identity Verification Process

If this is the first time you are enrolling in the HSA, The US Patriot Act requires Wex to perform an identity verification process for each new HSA account, which you must pass in order for your account to remain open. If there is a discrepancy between your information as shown in Workday and what is shown in the government database for you, Wex will send you a notice asking you to submit additional documentation to confirm which information is correct. It’s important that you submit the requested documents within 60 days or your account will be closed and any funds in your account will be returned.

The Debit Card

Your Wex debit card is an easy and convenient way to pay for your out-of-pocket expenses. 

• Present the card to the local pharmacy to pay for prescriptions or to the eye doctor for your portion of vision expenses. 

• Enter the card number on the Express Scripts website to have your cost of mail order prescriptions paid directly from your HSA account. 

• Write the HSA debit card number on the remittance copy of the bill you receive from your medical or dental provider and mail back to the provider, or call their office to give them the debit card information to pay for expenses from your HSA funds.

We recommend that you wait to pay for medical and dental expenses until the insurance company has processed the claim and calculated your portion of the expense, instead of paying at time of service with your HSA debit card. This will prevent paying more than you owe from your HSA account.  If you do pay at time of service, carefully review the Explanation of Benefits statement (EOB) you receive from the insurance company after they have processed the claim to ensure you have paid the exact amount owed and have not had too much deducted from your HSA.  If you have, ask the provider to credit your HSA debit card to refund the difference to your account.

Replacement debit cards or additional cards for family members can be ordered online at benefitslogin.wexhealth.com.  If this is the first year you are in the HSA account, a debit card will automatically be mailed to you once your HSA bank account has been opened.

In addition to paying for your portion of expenses with your HSA debit card, you also have the option to go to the benefitslogin.wexhealth.com website and enter a claim to have a check sent by Wex directly to a provider or directly to you if you have already paid and need to be reimbursed.

More Information

No Documentation Needed

There is no documentation required to validate HSA claims. However, you must keep receipts in case of an IRS audit.  You are solely responsible for ensuring you are submitting expenses that are eligible and for keeping records of all supporting documentation.  For a list of eligible expenses, if you are not yet enrolled in the HSA, go to www.irs.gov and search for Publication 502.  If you have an existing HSA, go to benefitslogin.wexhealth.com.

No Deadline to Submit Claims

There is no deadline to submit HSA claims.  Requests for payment or reimbursement can be made at any time in the future, as long as the bank account remains open and funds are available, provided the service dates were incurred after the date the account was opened and funded.   

Invest for the Future

Once your HSA balance reaches $1,000 you have the option to invest any funds over that $1,000 balance and use this account as a savings vehicle. There are approximately 25 different mutual fund options to choose from through Wex, the HSA provider.  Visit benefitslogin.wexhealth.com for more information.

Funds Are Never Forfeited

If you have HSA funds remaining in your account at the end of the calendar year, the balance will rollover to the next year. You never lose those funds.  You are the owner of this bank account, which means if you later drop your Maritz medical coverage or leave the company, the bank account and any remaining balance stays with you and are yours to keep.