Costpoint Online Help

Using the Help Search
Using the Help Search
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Health Savings Account

Use the Health Savings Account tab to view existing HSA selections or to make new ones. 

You can access this tab on the Benefits Enrollment or the Life Events/New Hires screen.

To enroll in an HSA, you must not be enrolled in or covered by another health plan (unless it is a high-deductible health plan), claimed as a dependent on another person's tax return, entitled to Medicare benefits, or enrolled in or covered by an FSA (unless it is a limited purpose FSA). You must also enter direct deposit information for the HSA account on the Direct Deposit screen. Employees who will turn 55 at any point during the year may select a Catch Up contribution during Benefits Enrollment.

Contents

Field Description
I do not want to enroll in a Health Savings Account

Select this checkbox to indicate that you do not want any deductions for a health savings account. When you select this checkbox, the screen will populate the New Contribution amount fields with 0.00 which will eliminate the need to enter the amount manually.

Type

Field Description
New Contribution

Enter, or click to select, the HSA contribution type for the employee.

Current Contribution

This field displays the current HSA contribution type for the employee if it exists.

Annual Amount

Field Description
New Contribution

This field displays the current annual HSA contribution for the employee.

Current Contribution

This field displays the current annual HSA contribution for the employee.

<Frequency> Amount

The label of this field depends on the frequency type of the employee's pay period which may be Monthly, Semi-Monthly, Bi-Weekly, and Weekly.

Field Description
New Contribution

This field displays the current <frequency> HSA contribution for the employee.

Current Contribution

This field displays the current <frequency> HSA contribution for the employee.

Yearly Contribution Limit

Field Description
Employee

This field displays the employee HSA contribution limit for election that you select on the Type field.

Employer

This field displays the employer HSA contribution limit for election that you select on the Type field.

Subtask

Subtask Description
Instructions Click this link to view special instructions from your benefits administrator.