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 McGriff Insurance Services(opens in a new tab). The HSA allows you to use pre-tax dollars to pay for qualified health care expenses(moves focus). View a list of non-reimbursable expenses(moves focus).

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(opens in a new tab).

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(moves focus).

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 (PDF), mail it to the address indicated at the bottom of the form, and McGriff Insurance Services 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 (PDF) to McGriff Insurance Services, 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.

Health Savings Account expenses

Qualified expenses

Qualified expenses that can be claimed through the Health Savings Account include:

  • Medical and dental deductibles
  • Medical and dental co-payments or services not covered by the plans
  • Vision expenses not covered by insurance
  • Hearing expenses including exams and hearing aids
  • Prescription drug costs not covered by the Medical plan

Find more qualified expenses on the McGriff Insurance Services website(opens in a new tab) or in IRS publication 502 (PDF)(opens in a new tab).
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Note: Over-the-counter medications are considered non-reimbursable expenses.

Non-reimbursable expenses

The following expenses are not qualified under the Health Savings Account:

  • Over-the-counter medications (unless prescribed by a doctor).
  • Cosmetic procedures (for example, teeth whitening, dermabrasion, chemical peels, or spider vein treatment).
  • General wellness expenses (for example, health club dues, special foods, vitamins, exercise programs and equipment, or weight loss programs).
  • Insurance premiums (for example, replacement insurance for contact lenses or other health plan policies).
  • Other expenses, including shipping and handling, missed appointment, late payment, or interest charges.

Find more non-reimbursable expenses on the McGriff Insurance Services website(opens in a new tab) or in IRS publication 502(opens in a new tab)

Health Savings Account example

You may only make payments from your Health Savings Account up to the current balance in your account at the time the expenses are incurred. Here’s how it would work if you chose a $125 monthly contribution:

  • You elect to have $125 deducted from your pay each month and contributed to your HSA for a total annual contribution of $1,500.
  • BB&T contributes $41.67 to your HSA each month for a total annual contribution of $500.
  • You incur a $1,000 expense on February 1.
  • You may only use your BB&T Benefit Access VISA® Debit Card to make a partial payment of $166.67 based on the current balance in your HSA. You may pay the rest of the expense with an alternate payment method or work out a payment plan with your provider to make another payment when future contributions have been made to your HSA.

Related information

McGriff Insurance Services Website

Check your FSA balance or review eligible expenses.

HSA Beneficiary Form

Update your HSA beneficiary information.

EXCELLENCE Associate Handbook

View the entire handbook or individual sections.

Summary Plan Descriptions

Summaries for your benefits, retirement and more.

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.

Not all subsidiaries and affiliates of BB&T Corporation participate in the benefit programs and policies presented within BBTBenefits.com.

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