Important Information: 2013 HSA Guidelines

New Requirements for 2013 New HSA guidelines to share with your clients

The health care industry continues to evolve. It’s critical that we all keep up with the changes that affect our customers. With that in mind, the IRS has announced changes to the HSA guidelines and requirements for 2013. This important information can help you prepare to assist your clients in the coming year.

The IRS has announced changes to the HSA guidelines and requirements for 2013. This important information can help you prepare to assist your clients in the coming year.

 

2013 HSA guidelines and requirements

For calendar year 2013, a high-deductible health plan (HDHP), which must be used in conjunction with an HSA, is defined as having:

  • An annual deductible of at least $1,250 for self-only coverage or $2,500 for family coverage (compared to $1,200 and $2,400 in 2012); and
  • Annual out-of-pocket expenses up to $6,250 for self-only coverage or $12,500 for family coverage (compared to $6,050 and $12,100 in 2012).

­Annual out-of-pocket expenses include deductibles, copayments and other amounts. It does not include plan premiums.

 

2013 HSA contribution limits

The annual HSA contribution limits will be:

  • $3,250 for an eligible individual with self-only coverage (an increase of $150  from 2012).
  • $6,450 for family coverage (an increase of $200 from 2012).

 

Bank of America-Merrill Lynch’s HSA for Life enhancements

Health Net’s relationship with Bank of America-Merrill Lynch makes it easy for your clients to open a Bank of America-Merrill Lynch HSA for Life account. Plus, new for 2013, Bank of America-Merrill Lynch offers:

  • Lower HSA account administrative fee
Bank of America-Merrill Lynch is adjusting their administrative fee for HSA accounts in 2013.  The new monthly fee will be $3.50 (compared to $3.95 in 2012). This low monthly fee is available to clients under an employer group plan or an individual plan.  There are no set-up or hidden fees. The administrative fee is the only fee the Bank of America-Merrill Lynch HSA account charges.

 

New reduced rates will show on the August statement. 

For individuals and families, please refer to the process for signing up for the Bank of America-Merrill Lynch HSA for Life account in the IFP EZ Access HSA Brochure or Sell sheet.

 

  • Sales outreach team  For a personal touch for your employer group business, Bank of America-Merrill Lynch’s sales outreach team will call your client and walk them through the HSA process, answering any questions they might have regarding the HSA account.
  • New and improved Excel contribution file  Allows employers to mass upload ACH employee or employer funding. Available to any client with ACH.
  • Selection of 23 investment funds available (minimum balance of $1,000).
  • Member portal  Online features including claim status and alerts are available through the Bank of America-Merrill Lynch web portal.
  • More Bank of America-Merrill Lynch HSA for Life features coming soon – including a new mobile app!

 

Marketing materials

New Health Net EZ Access HSA materials are being updated to reflect the 2013 requirements. They will be available in September. To order or download, go to the broker portal at www.healthnet.com.

If you have any questions regarding these materials, please contact your Health Net Account Executive or Broker Services at 1-800-909-3447, option 1 or email brokers@healthnet.com.

 

In California and Arizona, Health Net HSA-compatible PPO plans are underwritten by Health Net Life Insurance Company. In Arizona, Health Net HSA-compatible HMO plans are underwritten by Health Net of Arizona, Inc. In Oregon, Health Net HSA-compatible plans are offered by Health Net Health Plan of Oregon, Inc. Health Net Life Insurance Company, Health Net of Arizona, Inc. and Health Net Health Plan of Oregon, Inc. are subsidiaries of Health Net, Inc. Health Net is a registered service mark of Health Net, Inc. All rights reserved.

 

 

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Stacy Madden