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Miami's HSA administrator, Chard Snyder, will establish and open your Health Savings Account for you and, as required by the Patriot Act, may request additional information from you in order to do so. Please respond to such emails as soon as possible to avoid any delays in opening and funding the account. No money can be deposited into your account until it is opened by Chard Snyder.

Self-only coverage is coverage of one individual. To qualify as HDHP coverage, it must have a deductible of at least $1,250 (as indexed for inflation) before any reimbursement is made for eligible medical expenses (other than preventive care). In addition, the sum of the deductible and other annual out-of-pocket expenses that the insured is required to pay (such as co-pays and co-insurance, but not premiums) cannot exceed $6,250 (as indexed for inflation).

Family HDHP coverage is any coverage other than self-only and must have a deductible of at least $2,500 (as indexed for inflation) before any reimbursement is made for eligible medical expenses (other than preventive care). No amounts can be paid (other than for preventive care) until the minimum required family deductible has been satisfied (i.e., there cannot be an individual deductible within the family deductible that is less than the required minimum of $2,500 (as indexed for inflation). In addition, the sum of the deductible and other annual out-of-pocket expenses that the insured is required to pay (such as co-payments and co-insurance, but not premiums) cannot exceed $12,500 (as indexed for inflation).

Permitted Non-HDHP Insurance or Coverage

• insurance in which substantially all of the coverage relates to liabilities incurred under workers' compensation laws, tort liabilities, liabilities relating to ownership or use of property (e.g., homeowner or auto insurance), or similar liabilities as specified by the IRS;
• insurance for a specified disease or illness (e.g., cancer insurance);
• insurance that pays a fixed amount per day (or other period) of hospitalization (e.g., hospital indemnity insurance); or
• coverage for accidents, disability, dental care, vision care, or long-term care.

If you have another health savings account (HSA) and would like to transfer those funds into your Miami/Chard Snyder account, there are several things you will need to do. Or if you wish, you can keep both accounts, but will only be able to contribute to Miami's.

1. Decide if you want to move the entire balance of your other HSA into your new Chard Snyder account. Your current bank may charge a fee to close the account or a monthly service charge to keep it open.
2. Contact Chard Snyder at 800-982-7715 to request the HSA Advantage form which will notify both banks that you wish to move the funds.
3. Complete and forward the form to the bank currently holding your funds (not Chard Snyder). The original bank writes a check for the amount of your request and sends it to Chard Snyder for deposit.
   • Your funds are not available from either account while in transit.
   • It may take up to 60 days to complete the entire process.

Please note, that the original bank may choose not to close an account with a minimum or negative balance. Contact the bank. You will receive tax documents from each bank that held your HSA during the calendar year.

You will be issued a debit Mastercard that you can swipe at the pharmacy or doctor's office, or write the number on a bill to pay the provider. The card can be used for partial payments. It can be used only for eligible expenses at certain locations. If you have both an HSA and a flexible spending account (FSA), you will use the same card to access your funds from each account. Because the card is smart, it knows which expenses are HSA-eligible and which are FSA-eligible.

Contact Chard Snyder at 800-982-7715 to order a replacement card.

If you are enrolled (as the subscriber) or considering enrollment in the High Deductible Health Plan (HDHP) in the new plan year, the IRS does not allow contributions (employer or employee) into the Health Savings Account, if you have other first dollar health coverage.  Therefore, if you are enrolled in the HDHP while also enrolled in Medicare Part A and/or Medicare Part B, you are not eligible to receive the employer contribution or to make employee contributions to an HSA.  

Please note that if you are receiving social security benefits, you cannot waive Medicare Part A coverage. Based on your date of eligibility (age 65) and when you begin receiving social security benefits, enrollment in Medicare Part A coverage could be made retroactive up to six months.

To avoid a tax penalty, it is recommended that you should stop contributing to your HSA at least six months before you apply for . If you require counseling around HSAs, consult a tax professional.

Maximum IRS contribution limits include both your and Miami's contributions.

If you have single coverage, the annual 2023 maximum is $3,850.

If you have family or employee plus coverage, the annual 2023 maximum is $7,750.

There is an additional $1,000 employee contribution allowed per year over the annual maximum for those age 55 and older.

You can change the amount you contribute to your HSA at any time during the year. Be aware of the annual IRS limit when doing so.

You can have both a health savings account (HSA) and a limited healthcare flexible spending account (FSA), which would be limited to dental and vision expenses only, not medical expenses that are covered by your health insurance.

You can contribute through payroll deduction up to the annual maximum or not at all. You can contribute every pay period up to the maximum. You can  on payrolls occurring through December 31, 2023, and use the . Miami will contribute up to 50% of the in-network deductible to your HSA on a prorated basis depending on the benefit-eligibility date.

HSA employer contributions have changed and you will now receive them based on your regular pay schedule throughout the year.

The debit card can be used only for eligible expenses at certain locations. At the pharmacy, use it like you would any other debit or credit card. At the doctor's office, because you are on the high deductible health plan (HDHP), you have no copayment and do not pay anything upfront. You present your Anthem insurance card at the time of service, and once you have received both your explanation of benefits and the provider's bill for comparison, then you can pay the allowed amount using your HSA funds.

You do not have to submit receipts for reimbursement, but you should always save your receipts in case the IRS asks for proof the expense was eligible.  So, spend your money on eligible items only.

If you paid a bill with a form of payment other than from your HSA, you can get reimbursed from your account without submitting receipts. 

1. Log into your Chard Snyder online account.
2. Under "I Want To..." click on the Make HSA Transaction tab.
3. Follow the instructions to set up your bank account needed for the reimbursement transfer.

Any funds, including Miami's contributions, remaining in your account are yours to use for future medical expenses. Your account will become a "consumer HSA." You will not be able to add any money to the account once your employment ends.  

Any funds remaining in your account are yours to use for future medical expenses. You will not be able to add any money to the account once you are no longer in the HDHP. 

There is no deadline for using your money or for reimbursement.