An HSA is a personal healthcare bank account you can use to pay out-of-pocket medical expenses with pretax dollars. If you enroll in a consumer-driven health plan (CDHP), you can open an HSA. Your HSA will be administered by Benepass, and you will have access to your balances and can interact with the account via the app.getbenepass.com website.

An HSA puts you in control of your healthcare decisions and expenses. It allows you to:

  • Prepare for health expenses not accounted for in your personal finances.
  • Increase your tax savings.
  • Roll over money if you do not use it in the calendar year.
  • Take it with you wherever you go – it’s always yours, even if you change health plans or jobs.
  • Create healthcare savings for retirement.
  • Earn interest on your account and via investment options, once you reach a minimum of $1,000 in your account.

To view a list of HSA eligible expenses, visit support.getbenepass.com/en/articles/11856816-what-expenses-are-eligible-with-a-health-savings-account-hsa

  1. If you make the full-year contribution based upon your status of Dec. 1, you may be subject to an IRS Testing Period and could owe tax and a penalty on part of that contribution if you do not remain an eligible individual through Dec. 31 the following year. You may also need to prorate your contribution if you drop or reduce the level of your coverage midyear.

Maximum Contributions

AlphaSense employer contributions count toward the annual HSA contribution limits, so you need to plan carefully how much you’ll contribute annually to avoid excess contributions. These limits apply even for participants entering the plan midyear.1 Prior-year contributions may be made through April 15 of the following year.

Under age 55Age 55 and older (and not enrolled in Medicare)
Individual$4,400$5,400
Family$8,750$9,750

AlphaSense Employer Contributions

CDHP OAP Gold CDHP OAP Silver
Individual$500$1,000
Family$1,000$2,000

AlphaSense employer contributions are prorated throughout the year in an amount that aligns with the timing of regular benefit paycheck deductions.

You are eligible to open and fund an HSA if:

  • You are not enrolled in any other non-HSA qualified health insurance plan.2
  • You are not covered by your spouse’s health plan (unless it is a qualified CDHP), flexible spending account (FSA) or health reimbursement account (HRA).
  • You are not eligible to be claimed as a dependent on someone else’s tax return.
  • You are not enrolled in Medicare, TRICARE or TRICARE For Life.
  • Care received through the VA in the preceding three calendar months was dental, vision or preventive care or was provided to a veteran who has a disability rating from the VA.

2. You must not have any other first-dollar health insurance coverage before the deductible is met. Preventive care services are not required to be subject to the deductible. Individuals may also carry separate coverage for accidents, disability, dental or vision care, and long-term care, not subject to the deductible.

You will access your HSA under your primary email address assigned to your Benepass account. When you login, you will select “HSA” workspace in the login flow. Your elections to your HSA will be managed through Workday and your payroll deductions will automatically flow over and process in the Benepass system. Through the Benepass mobile app, you will be able to invest your HSA dollars.

For more information, visit support.getbenepass.com/en/articles/11856827-managing-your-benepass-health-savings-account-hsa

  • HSA distributions are tax-free if they are used to pay for qualified medical expenses.
    • Qualified medical, dental and vision expenses not covered by insurance.
    • Qualified long-term care services and long-term care insurance.
    • Continuation of coverage required by federal law (i.e., COBRA).
    • Health insurance for the unemployed.
    • Medicare expenses (but not Medigap).
    • Retiree health expenses for individuals age 65 or older.
  • Distributions made for any other purpose are subject to income tax and a 20% penalty. The 20% penalty is waived in the case of death or disability. The 20% penalty is also waived for distributions made by individuals age 65 or older.

  • Due to the US banking system’s customer identification process (CIP) requirements, your account cannot be opened until the CIP is completed. If Benepass is unable to complete the CIP, they will contact you directly to request specific documentation needed. Benepass will only contact you from email addresses ending in @getbenepass.com. If you have any concerns about the validity of a received request for documentation, please contact Benepass Support separately and directly to confirm the request.
  • Once you provide the necessary documentation, your account will be reviewed by the bank within 1 business day.
  • Once CIP is completed, your HSA account will be setup with Benepass. This means that the deductions from your paycheck can be deposited successfully into your HSA.
  • If you do not verify and your account gets closed, Benepass will hold onto any contributions indefinitely until the HSA account is opened. You will simply login to the Benepass app when they’re ready to open your account and complete the steps. Benepass does not automatically close the HSA account after a certain period of time.

Benepass

Ready to enroll?

Visit Workday, our enrollment site, to learn more and enroll in your benefits.