Health Savings Account (HSA)

Benefits

A Health Savings Account (HSA) is a tax-favored savings account for paying eligible out-of-pocket medical, dental and vision expenses now or in the future, and even into retirement. Out-of-pocket expenses include deductibles, coinsurance, copayments and other eligible expenses not covered by insurance. An HSA works much like a Healthcare Flexible Spending Account (FSA), only better. Advantages of participating in an HSA are provided below. Participation in a qualified high-deductible health plan is required to contribute to an HSA.

This benefit is only available to Regions associates.  

Associates (employees of Regions) who enroll in the Core High Deductible Health Plan and meet other eligibility requirements (below) can enroll in a Health Savings Account (HSA) administered by HealthEquity.

When you elect to participate in the HSA via Workday, HealthEquity will create your account and supply you with a debit card to conveniently pay for eligible expenses. For a list of eligible expenses, see the HealthEquity Qualified Medical Expense Database.

Your HealthEquity account is easily accessible via your myBlueCross account, or from home at bcbsal.com. You may also create a username and password to log in to your account directly at my.healthequity.com/HE.aspx.

Funds you contribute to an HSA may be used to pay for qualified health expenses for you and your tax-deductible dependents. Unlike the FSA, you cannot file claims on adult children who are dependents on your health plan. However, your adult children who are dependents on the Core (HDHP) plan can set up an HSA of their own. For assistance, call HealthEquity customer service at 1- 877-288-0719.

HSA Tax Advantages

  • HSA contributions are tax-deductible (via pre-tax payroll deductions or additional deposits via the HealthEquity member portal)
  • Withdrawals for healthcare expenses are tax-free
  • You earn tax-free interest on the money in your account. Plus, you can invest the money in your account in excess of $1,000
  • Your HSA balance rolls over from year to year, which means you don’t forfeit any unused balance. It’s always yours to spend on eligible health care expenses, save and invest for future use. At age 65, you can start using your HSA dollars for any purpose, not just health care expenses. And your health care withdrawals are tax-free

Review the HealthEquity Winning with an HSA brochure for more information about HSA advantages.

To be eligible for an HSA you must not:

  • Be covered by a Healthcare Flexible Spending Account (FSA) or Health Reimbursement Account (HRA), unless the balance is $0 at the time you open a HSA
  • Be covered by another health plan (unless it’s another HSA-qualified plan)
  • Be covered by Medicare or TRICARE
  • Be a dependent of another taxpayer

HSA Contribution Limits 2020

  • $3,550 (individual)
  • $7,100 (family)

You can elect payroll deductions up to these annual contribution limit amounts. Associates age 55 and older can contribute an additional $1,000 annually via deposit on the HealthEquity member portal.

Additional HSA Resources

To learn more about HSAs, including advanced topics, visit the HealthEquity education portal.

See the Regions Health Account Comparison for a side-by-side review of plan components in the HSA and FSA.

You may also review the Winning with an HSA Webinar.

Contact HealthEquity

HealthEquity account mentors are available 24 hours per day, seven days per week at 1-877-288-0719.

Need Help?

Contact the HR Connect Team at 1-877-562-8383