South Dakota Form 8889 2023-2024

South Dakota Form 8889: What You Should Know

Direct Deposit to a Health Savings Account (Has) We are sorry to say that, on this date, due to the increasing need for health care for our residents, you must no longer deduct health care expenses from your HSA or make additional HSA contributions. We are working hard to make sure benefits continue to be available in 2018, but the next few years are uncertain for state employees. In addition, the Department of Public Health is no longer accepting applications for new state HSA members until January. If you don't have a deductible or if your deductibles are more than six (6) thousand dollars, you are considered ineligible for the HSA program. A health savings account allows employees and their families who are not eligible for high deductible health plans to make a tax-deductible contribution of 5% of their monthly salary. Employees can make up to six (6) contributions per calendar year, but there is no limit on how much you can contribute as long as you meet the eligibility guidelines. If you become eligible for your health care through insurance but don't have money in your HSA, or if you decide not to participate, the funds you saved are not considered a contribution to your HSA. Instead, they will be used to pay for your monthly payments on your medical claims, regardless of any federal requirement. To ensure that you receive all the benefits you pay for through your HSA, the following rules apply: If you withdraw money from your HSA and use it for any purpose, you must use up all your available contribution room before you can contribute again. You must also tell your health insurance provider or mayor who receives your HSA funds. If the medical provider or mayor is unknown to you, you must notify both health insurance providers of your HSA before starting any medical treatments or medication. In order to maintain your benefits, your health care provider might need to adjust your deductible, co-pay or other monthly payment to account for your increased HSA contributions. You can request an update about your status in HSA or on how to use your HSA account by contacting Benefits We Offer at. Benefits Bulletin Newsletter January 2024 — Our new website is now open for business. May 14, 2024 — If you have any questions about your benefits, you can send us a message on our Contact Us page.

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