Benefits forCity of Colonial Heights (VA)
Congratulations on your new employment!
Health, Dental, and Vision – Please contact your Benefits Department within 30 days of your date of hire.
Colonial – 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 – You will be eligible to enroll during the next Annual Enrollment.
Health Savings Account (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
You can enroll in a Health Savings Account (HSA) to experience tax savings on qualified healthcare expenses such as copays, deductibles, prescriptions, over-the-counter drugs and medications, and prescriptions. There is no use-or-lose rule, meaning you can save and invest when you can or spend on eligible healthcare expenses as needed.
To enroll in a HSA, you must already be enrolled in an HSA-qualifying high deductible health plan (HDHP).
As a married couple, one spouse cannot be enrolled in an FSA at the same time the other is contributing to an HSA.
The Value & Perks
– Triple Tax Savings: Every dollar you contribute to an HSA lowers your taxable income, funds grow tax-free, and withdrawals for qualified expenses are tax-free.
– Employee-Owned: It’s a personal savings account owned by you. Which means you can keep it even if you switch health plans, change jobs, or retire. You’ll receive an Ameriflex Debit Mastercard linked to your HSA that can be used for eligible purchases everywhere Mastercard is accepted.
– Investing & Saving: You can save and invest your funds with over 30 investment options. HSA funds roll over year to year, allowing long-term growth if there are no immediate spending needs.
– $1,000 Investment Threshold: While many HSA administrators require a $2,000+ account balance before funds can be invested, Ameriflex has a modest $1,000 investment balance requirement, allowing participants to invest their money faster.
– Catch-Up Contributions: Individuals ages 55 and older who are not enrolled in Medicare can make an additional $1,000 catch-up contribution to their HSA.
– No Hidden Fees: We don’t believe participants should have to pay extra fees to reach their full savings potential. By eliminating hidden fees, participants keep more of their hard-earned money for current and future health needs.
– Easy Spending and Account Management: You will receive an Ameriflex Debit Mastercard linked to your HSA. You can use your card for eligible purchases everywhere Mastercard is accepted. Account information can be securely accessed 24/7 online and through the mobile app.
Eligible HSA Expenses
The IRS determines what expenses are eligible under an HSA. Below are some examples of common eligible expenses:
– Dental work and orthodontia
– Glasses and contact lenses
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
– 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.
– You must have funds in your HSA before you can spend them.
– You can change your election amount at any time during the plan year.
– You own the HSA, which means the money in the account is yours to keep and stays with you, even if you change medical plans or leave your employer.
– Remember, withdrawals for qualified healthcare expenses are never taxable.
– Be a savvy HSA consumer and ask about the cost of procedures and provider visits to ensure you are getting the best care at the best price.
– Save your receipts because the IRS may audit your HSA transactions.
– Unused funds roll over year to year and once your account balance reaches $1,000 you have the option to invest your funds and accelerate your account savings.
– While your HSA funds are intended for healthcare expenses, once you reach 65 you have the option to use your account for any purpose, without penalty. You’ll just owe income taxes on withdrawals for non-qualified expenses.
– The easiest way to manage your account is online at www.flexfacts.com or through the Flex Facts Mobile App.