Health Savings Account (HSA)
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What is an HSA?
When you elect the Choice HSA medical plan, your health savings account (HSA) is an account that works like a 401(k) plan but is used for health care expenses.
Michaels contributes tax-free dollars to the HSA and you can contribute, too.* Then, you can use the funds in your HSA to pay for eligible health care expenses, now and in the future.
*Each year, the IRS issues maximum contribution limits for HSAs, as outlined below.
Annual Contribution Limits |
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| Individual Coverage | |
| How Much Michaels Contributes1 | How Much You Can Contribute |
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$500 per year |
Up to $3,650 in 2024 Up to $4,300 in 2025 If you are age 55 or older, you may contribute an extra $1,000 per year. |
| Family Coverage | |
| How Much Michaels Contributes1 | How Much You Can Contribute |
|
$1,000 per year |
Up to $7,300 in 2024 Up to $8,550 in 2025 If you are age 55 or older, you may contribute an extra $1,000 per year. |
|
1If you are a new hire and/or new to the Choice HSA plan, this contribution amount is pro-rated based on when you join the plan.
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What can I use my HSA for?
The HSA can be used for medical, dental, and vision expenses, including for deductibles, office visits (in-network and out-of-network), and prescription drugs.
Is the Michaels contribution deposited all at once?
No. Contributions from Michaels are deposited each pay period, over the course of 26 pay periods.
Do the contributions roll over from year to year?
Yes, the contributions to your HSA will roll over from year to year, even if you leave Michaels.
How do I access my account?
You must set up an account through Health Equity, the HSA administrator, in order to receive your contributions and contributions from Michaels.
You will receive a debit card that you can use to pay for eligible expenses.
Can I get reimbursed for an expense?
Reimbursement claims can be submitted through Health Equity.
Can I have both an HSA and FSA?
Because you have an HSA available, the IRS restricts your ability to participate in the full purpose Health Care Flexible Spending Account (FSA) and will only permit you to contribute to the Limited Purpose FSA, which reimburses certain dental and vision expenses. You can participate in the Dependent Care FSA with no restrictions.
To ensure that you get the most out of your contributions, you may find it financially advantageous to contribute to the HSA rather than an FSA.
For more information about FSAs, visit this link: Flexible Spending Accounts.
Your Medical Plan Deductible & Coinsurance
With the Choice HSA plan, if you enroll yourself and at least one (1) dependent, there is no individual deductible. The entire family deductible must be met before the plan pays coinsurance for any covered family member.
Helpful Resources
Health Equity
Flexible Spending Accounts (FSA) & Health Savings Account (HSA)
Contact
Phone: 877-924-3967
Blue Cross & Blue Shield of Texas (BCBSTX)
Medical Insurance (PPO & HSA)
Contact Information
Phone: 1-877-269-1180
Quick Links
How to Use Your HSA
First, use the money Michaels gives you.
Michaels will put money into your HSA depending on who is covered under your plan. You can use this money to pay for eligible in-network services until the account balance reaches a total of $0.
If you select the Choice HSA plan during the annual open enrollment period, the Michaels contribution is deposited one month at a time. If you are a new hire and select the Choice HSA plan, the Michaels HSA contribution is prorated based on when you join the plan.
Next, use your money.
If you use all the money Michaels contributed to your account, then you will pay out-of-pocket for any remaining health care expenses, until you meet your plan deductible. Remember, in-network preventive care is always 100% covered.
Then, you and Michaels share costs.
After you’ve met your plan deductible, Michaels will pay for a percentage of your health care expenses, and you will pay for the remainder of the costs: this is called coinsurance.
Finally, Michaels has it from there.
If your health care expenses reach your out-of-pocket maximum, Michaels will pay for 100% of your eligible in-network costs for the rest of the plan year.