Health Savings Account
When you enroll in the HSA Advantage, HSA Value or the HSA Max medical plan, you can open a health savings account (HSA) with HSA Bank, which is funded by you (if you choose) and by Barnes. Contributions to your HSA and any interest earnings are tax free!
You can use the money in this account to help pay eligible health care expenses, including your deductible, copays and coinsurance as well as eligible dental and vision expenses. Refer to IRS Publication 502 for a complete list of eligible expenses.
HSA Bank helps you get the most from your HSA
HSA Bank, a division of Webster Bank, N.A., empowers you to make the most of your health care dollars. Our vision is to inspire you to own your health by simplifying the health account experience and by using cutting edge technology to help make sure you're on your way to a healthy financial future.
HSA Bank Welcome Kit— You’ll receive complete instructions about using your HSA after you enroll.
Live service 24/7/365—Get the same service at 2 a.m. or 2 p.m. from knowledgeable, U.S.-based HSA Bank specialists.
Easy-to-use online account access—Monitor your account balance, pay medical bills, get reimbursed, and more—all from a single, easy-to-use online portal.
Invest your HSA contributions—Participants with a balance of at least $1,000 are provided a unique opportunity to invest their health savings account (HSA) funds in self-directed investment options, including TD Ameritrade Self-Directed Brokerage option and Devenir Self-Directed Mutual Fund Program.
What is a health savings account? Learn more here: https://www.hsabank.com/hsabank/Learning-Center/Health-Savings-Accounts
It’s flexible. Use the money now to pay for eligible medical expenses. Or, save it for your future health care needs and let the balance grow.
There’s no “use it or lose it rule.” An HSA has no “use it or lose it” feature like the Health Care Flexible Spending Account, so your account balance rolls over each year.
The money is yours to keep—forever. That’s right. You can take your HSA with you if you leave Barnes Group or when you retire.
Triple tax savings. You don’t pay federal taxes on contributions to your HSA. Earnings to your HSA from interest and investments are tax free. You don’t pay taxes on purchases/distributions when used for qualified medical expenses.
When you elect coverage under any of our HSA eligible medical plans, you are also eligible to elect a health savings account. There are a few restrictions that apply to HSAs:
- You are not covered by other health insurance
- You are not enrolled in Medicare Parts A, B, C or D, TRICARE or TRICARE for Life
- You are not listed as a dependent on someone else’s tax return
- You haven’t received Veterans Affairs (VA) benefits within the past three months, except preventative care. If you have a disability rating from the VA, this exclusion doesn’t apply.
- You cannot participate in Barnes' Health Care Flexible Spending Account (FSA)
- Your spouse cannot be enrolled in a Health Care Flexible Spending Account through his or her employer.
- Other restrictions and exceptions may also apply. We recommend that you consult a tax, legal or financial advisor to discuss your personal circumstances.
If you have any questions, please see your tax professional.
Each year the IRS establishes the HSA limit (the combined amount you and the Company can jointly contribute). In addition, if you are age 55 or older, you may contribute additional money.
You can use your Health Savings Account (HSA) to pay for a wide range of IRS-qualified medical expenses for yourself, your spouse, or tax dependents. Generally, an IRS-qualified medical expense is defined as an expense that pays for healthcare services, equipment, or medications as defined under Section 213(d) of the Internal Revenue Code. Funds used to pay for IRS-qualified medical expenses are always tax-free.
You can use the money in your HSA for eligible health care expenses of any family member who qualifies as a dependent on your income tax returns, even if they are not enrolled under your Barnes medical coverage.
You own your HSA account and it stays with you when your employment ends. If you take a new job at another company or retire, but do not have coverage under an HSA-eligible medical plan, you can still use any remaining balance in your HSA to pay for qualified medical expenses. Keep in mind, IRS rules do not allow you to deposit money into the HSA and receive tax benefits if you are not actively enrolled in an HSA-eligible medical plan.