Benefits forCity of Colonial Heights (VA)
Congratulations on your new employment!
Your employment means more than just a paycheck. Your employer also provides eligible employees with a valuable benefits package. Below you will find information about how to enroll in these benefits as a new employee.
Colonial Products – Please call the Service Center within 30 days of your date of hire. The Service Center number is located at the bottom of this page.
Flex Accounts – You will be eligible to enroll during the next Annual Enrollment.
Be sure to also review your group’s custom benefits microsite, that allows for easy, year-round access to benefit information, live chat support, benefit explainer videos, plan certificates and documents, and carrier contacts and forms.
Health Savings Accounts (HSA)
A personal tax-free savings account for healthcare expenses and investing.
Use the below information to determine if a Health Savings Account (HSA) is right for you and how to best take advantage of an HSA account.
How It Works
An HSA is a personal savings account that allows you to set aside pre-tax dollars for current and future healthcare expenses for you and your dependents, even if they are not covered under your primary health plan. You are eligible to open an HSA if you are also enrolled in an HSA-eligible high-deductible health plan.
You choose an annual election amount, up to $3,650 for individuals and $7,300 for families. The money is placed in your account via payroll deduction, online banking transfer, or a direct contribution. Once your account is funded, you can choose to use the money to pay for current healthcare expenses or keep the funds in your account and watch your savings grow.
If you are 55 or over, you have the option to contribute an additional $1,000 annually.
As a married couple, one spouse cannot be enrolled in an FSA at the same time the other is contributing to an HSA.
Why Should I enroll in an HSA?
High-deductible health plans typically have lower monthly premiums and greater out-of-pocket costs. An HSA helps ensure you have money set aside to pay for out-of-pocket healthcare expenses.
But an HSA is also a powerful investment vehicle and can be a smart addition to your retirement strategy. What makes an HSA such a great retirement investment tool? Simply put, money goes into an HSA tax-free, grows tax-free, and comes out tax free. That means you will never be taxed when you use HSA dollars for qualified medical expenses. No other investment account offers this benefit!
How much can you potentially save for retirement? See below!
Qualifying Expenses
The IRS determines what expenses are eligible under an HSA. Below are some examples of common eligible expenses:
– Copays, deductible payments, coinsurance
– Doctor office visits, exams, lab work, x-rays
– Hospital charges
– Prescription drugs y Dental exams, x-rays, fillings, crowns, orthodontia
– Vision exams, frames, contact lenses, contact lens solution, laser vision correction
– Physical therapy
– Chiropractic care
– Medical supplies and first aid kits
– Prescribed over-the-counter medications
– COBRA premiums
– And much more…
What doesn’t qualify?
Certain expenses are not eligible, for instance:
– Expenses incurred prior to opening your HSA
– Cosmetic procedures or surgery
– Dental products for general health
– Personal hygiene products
For a full list of eligible expenses, go to www.flexfacts.com.
Online & Mobile Access
Get instant access to your account with the Flex Facts Portal and the Flex Facts Mobile App.
– View your account balance and transaction history
– Submit and view claims
– Upload and store receipts
– Make contributions
– Invest HSA funds
– View important alerts and communications
– Sign up for direct deposit
– Sign up for text message alerts
Register for the Flex Facts Participant Portal at www.flexfacts.com. Download the Flex Facts Mobile App on the App Store or Google Play Store.
Helpful Hints
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