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Oberlin College

Learn about the Oberlin College Qualified High Deductible Health Plans (HDHP) with Health Savings Account (HSA) and the benefits they offer, such as tax-free contributions, interest, and distribution for qualified medical expenses. Discover the federal rules and requirements, multiple investment options, and the convenience of the Medical Mutual HSA. Access your HSA account, track balances and transactions, and explore resources and tools through MyHealthPlan.

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Oberlin College

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  1. Oberlin College Qualified High Deductible Health Plans with Health Savings Account

  2. What is a Health Savings Account (HSA)? An HSA is a tax-advantaged accountavailable to qualified high deductible health plan (HDHP) enrollees • tax-free contributions • tax-free interest • tax-free distribution on qualified medical expenses • employee can adjust contribution amount at any time • money not spent is saved • savings can be invested Federal Rules and Requirements

  3. Important HSA Facts • Must be enrolled in a qualified HDHP • not covered by another first-dollar coverage • health insurance • not claimed as a dependent on someone else’s tax • return • Employee owns the account • Both employees and employers can contribute • Funds can be used to pay for qualified medical • expenses (medical, drug, dental, vision, etc.) • Money can be saved for the future; not a “use it or lose it” account • Multiple investment options

  4. Oberlin HSA-compatible Plan Design Oberlin will make four (4) equal quarterly deposits into your HSA for the base contribution (January, April, July, October). For Health incentives, deposits will occur at the beginning of the next quarter following your completion of the Health Action. *Both you and your spouse/domestic partner must complete the Biometric Screening and Health Risk Assessment if your are enrolled in Employee + Spouse/DP or Family coverage Upon participating in health coaching or having an annual preventive care visit

  5. Medical Mutual HSA The Medical Mutual advantage • Fully integrated with medical plan • Medical Mutual-branded debit card • Easy to manage expenses • pay providers • set up monthly bill pay • reimburse yourself for qualified purchases • manage your HSA investments • Mobile app access • download the AccountLink app free • Education and resources • HSA savings calculator • tips for improving short-term savings • frequently asked questions • Check item eligibility w/QR scanner

  6. HSA Investments • Minimum cash balance of $1,000 to start investments • monthly investment fee of $2.50 • Cash balance of $3,000 or more does not incur investment fees • No tax on interest and investments • Investment can be managed through our integrated • online access portal • Mutual Fund selection option managed by Devenir

  7. Opening Your Medical Mutual HSA • Quick and easy to open HSA • Step 1: Enroll in HSA-compatible plan • Step 2: Complete account authorization • Oberlin College provides Medical Mutual with eligibility file • Medical Mutual and Avidia Bank will open the accounts • You will receive your welcome brochure and debit card

  8. My Spending Accounts HSA account balance Transactions

  9. Resources for Your HSA-compatible Plan • Customer Support • Call (800) 522-2037 for health insurance questions and HSA account questions • Customer Care hours • M-Th 7:30 am – 7:30 pm • Friday 7:30 am – 6:00 pm • Saturday 9 am – 1:00 pm • MyHealthPlan • Register at MyHealthPlan.com • View your Health insurance and HSA in one place • Track deductibles and coinsurance • Access your EOBs (explanation of benefits) • My Care Compare • Find cost estimates for services including lab work, office visits and surgeries • See quality ratings of doctors and hospitals • Watch video support of what to expect by procedure • MySpendingAccounts • Access through MyHealthPlan • View balances and transactions • Explore HSA resources and tools including tax savings calculator and self-service center

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