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BMO U.S. Benefits

Health Savings Account

The Health Savings Account (HSA) is a tax-free account you can use to pay for eligible medical, prescription drug, dental and vision expenses, now or in the future. It works with the Consumer Choice Plan to help you save money. The HSA is administered by Your Spending Account (YSA).

An HSA gives you triple-tax advantages:

  • Contributions you make to your HSA are pre-tax, which reduces your taxable income.
  • Earnings on your HSA are tax-free.
  • Withdrawals for eligible expenses are tax-free.

Here’s a high-level overview of the HSA. For more information, review the Health Savings Account Plan Details.

Features

Eligibility


You're eligible for an HSA if you are enrolled in the BMO Consumer Choice Plan.

You are not eligible if you are covered by Medicare, or other health insurance that is not a high-deductible plan, including coverage under your spouse/domestic partner’s medical plan.

HSA Contributions

IRS Annual Contribution Limit

Maximum amount that can be contributed to an HSA in 2020 (BMO plus employee contributions):

  • Employee only: $3,550
  • Family: $7,100
  • Catch-up: $1,000 if you are age 55 or attain age 55 by the end of 2020

BMO


Core Contribution – BMO makes an annual contribution to your HSA if you are enrolled in the Consumer Choice Plan and authorize BMO to open an account on your behalf at UMB:

  • Employee only: $250
  • Other coverage levels: $500

You do not need to contribute to the HSA to receive a Core Contribution.

Match Contribution – If you make tax-free contributions to the HSA, BMO will make an additional dollar-for-dollar matching contribution up to the following amounts:

  • Employee only: $250
  • Other coverage levels: $500

Employee


You decide how much you want to contribute on a pre-tax basis up to the following amounts:

  • Employee only: $3,050
  • Other coverage levels: $6,100
  • Catch-up: $1,000 if you are age 55 or attain age 55 by the end of 2020

To maximize BMO’s Core Contribution and Matching Contribution, you should start your HSA contribution during Annual Enrollment.

HSA Features

Coordination with the Limited Purpose Flexible Spending Account


When you enroll in the HSA you are also eligible to contribute to the Limited Purpose Flexible Spending Account (LPFSA). The LPFSA allows you to make additional before-tax contributions to pay for your eligible dental and vision expenses only.

Eligible Expenses


  • Most medical care and services (including the annual deductible coinsurance)
  • Dental care (non-cosmetic)
  • Vision care
  • Orthodontia
  • Prescription drugs
  • Over-the-counter medications with a doctor’s prescription
  • COBRA coverage
  • Qualified long term care expenses
  • Health insurance premiums for individuals receiving unemployment compensation
  • Medicare and retiree health insurance premiums

IRS Publication 502 has a complete list of eligible and ineligible expenses.

Unused Funds Carryover

At the end of the plan year, your HSA balance carries forward.

Investment Options

Once your balance reaches $1,000, you can make investment elections.

Portability – When you Leave BMO


The HSA balance is yours. So, if you leave BMO, switch to another medical plan or even retire, your HSA and the money in it is yours to keep.

Your HSA contributions

Here's how you can start contributing to the HSA or make changes to your election during the year:

  • Go to Workday, click My Benefits & Retirement application
  • Select your network status (on or off the BMO network)
  • Click Enroll in your Benefits coverage tile
 
 

Manage your HSA

Here's how you can view your account balance, reimburse yourself for eligible expenses and make investment elections throughout the year:

  • Go to Workday, click My Benefits & Retirement application
  • Select your network status (on or off the BMO network)
  • Click Access Your Spending Account (YSA) tile