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| HSA Checklist |
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Follow these easy steps to enrolling in and using the Health Savings Account (HSA):
- Learn about the HSA. Read about how the HSA works on this website and in your enrollment materials. Make sure you understand how the medical and drug plans work together.
- Enroll and determine your contribution amount. Decide how much – if any – you want to contribute to your HSA. You can contribute pre-tax up to $2,600 if you enroll in employee-only coverage and $5,150 if you enroll two or more people. If you are over age 55, you can save up to an additional $1000 in your account. Regardless of how much you save, Alcoa automatically puts $400 into your account if you enroll in employee-only coverage and $800 if you enroll two or more people.
- Watch your mail. After you enroll for the first time, look for a welcome kit from ACS/Mellon, our HSA administrator. This welcome kit will help you to set up your new HSA.
- Set up your account. Just like you set up a checking account at a bank, you’ll need to open your account. This does not happen automatically! You will need to fill out some forms and return a signature card for the account. You should do this as soon as possible because money can't be put into your account unit it is opened. After you open your account, you'll receive a checkbook or debit card from ACS/Mellon.
- Fund your account. Alcoa’s entire contribution and your payroll contribution will be deposited into your account after the first payroll of the year. This assumes that you set your account up first! No money can be deposited if your account is not set up.
- Spend the money... or save it. As soon as the money is in your account, you can use it to pay for eligible health care expenses, including medical, prescription drug, dental, and vision expenses. Or, you can save the money to pay for future expenses, including retiree health care costs.
- Manage your account. You will receive monthly statements in the mail summarizing your account activities, including deposits, withdrawals, and interest/investment earnings. Plus, you’ll be able to access this information online and set up emails for when transactions occur.
- Invest your savings. As your account balance grows, you’ll be able to pick investment options from well-known mutual fund families. Your choices include multiple equity, balanced, and fixed income options. Fact sheets, prospectuses, and historical performance information for all funds will be available from ACS/Mellon.
For more information, check out ACS/Mellon’s HSA website.
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