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Health Savings Account

If you enroll in the Consumer Option, you are eligible to defer pre-tax dollars to the Health Savings Account (HSA) administered by Stanley, Hunt, Dupree & Rhine. The HSA allows you to use pre-tax dollars to pay for qualified health care expenses. View a list of non-reimbursable expenses.

Contributions

BB&T will automatically contribute $500 annually to your HSA (on a prorated basis each payroll period you are enrolled in the Consumer Option) if you have elected the HSA. You can also designate the amount you want deducted from your pay and contributed to this account. Internal Revenue Service guidelines limit the combined total HSA contribution (the BB&T contribution and your own) to:

  • $2,500 for employee only coverage

  • $5,000 for employee and spouse, employee and child(ren), or family coverage

Contribution elections can be changed at any time by accessing Workday.

If you are age 55 or over, you can contribute an additional $1,000 catch-up contribution to your HSA each year.

BB&T Benefit Access Visa® Debit Card

You can use the BB&T Benefit Access Visa® Debit Card to pay for expenses through your HSA. Since payments are automatically deducted from your account, the BB&T Benefit Access Visa® Debit Card eliminates the hassle of paying out of pocket and transferring funds from your HSA to reimburse yourself. You may only make payments from your HSA up to the current balance in your account at the time the expenses are incurred. See an example.

Important: Save your itemized receipts in case you ever need to demonstrate you are using HSA funds for qualified expenses.

To request a BB&T Benefit Access Visa® Debit Card for a dependent, or to request a replacement card, complete the HSA Debit Card Request Form.

HSA Transfers and Rollovers

If you have a HSA through another administrator, you have the option to transfer or rollover the balance to your current BB&T HSA. To transfer the funds, simply fill out the HSA Transfer Request Form, mail it to the address indicated at the bottom of the form, and SHDR will request a transfer of your funds on your behalf. This is the easiest method to move funds from one HSA account to another.

In the event you prefer to manually rollover your account, you may fill out the HSA Rollover Request Form. By completing and sending the HSA Rollover Request Form to SHDR, you will receive a check payable to you. To avoid taxes and penalties, you must deposit the funds into your BB&T HSA within 60 days of receipt. Taxes and penalties apply after the 60-day period expires if the full amount is not re-deposited into a qualifying HSA. Please note the IRS limits the number of rollover distributions you may request. You are entitled to one distribution per year, per HSA in any rolling 12-month period.

Related Information

Stanley, Hunt, Dupree, & Rhine Website
Check your HSA balance; review eligible expenses.

HSA Beneficiary Form
Update your HSA beneficiary information.

EXCELLENCE Associate Handbook
Summary Plan Descriptions

No personal or confidential associate information is contained within BBTBenefits.com.
Information contained within BBTBenefits.com applies to eligible associates residing in the United States, unless otherwise specified.


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