March 2020 Accountholder Newsletter

Thank you for your business, accountholders. As we all face the current health crisis together, as a community, we wish you and your families the best, and hope you stay safe and healthy.

Coronavirus and Your Health Coverage

In light of the recent coronavirus public health crisis, the IRS has made the following announcement. Individuals using their HDHP to pay for testing for coronavirus can do so without having to satisfy the minimum deductible requirements.  While many insurers have announced they will waive costs associated with testing and treatment for COVID-19 coronavirus, there’s still a great deal of confusion about what plans will cover. To combat at least one aspect of confusion, the IRS has issued guidance on testing as it relates to high-deductible health plans. Specifically, individuals using their HDHP to pay for testing for coronavirus can do so without having to satisfy the minimum deductible requirements. The IRS has issued  Notice 2020-15 , which allows high-deductible health plans (HDHPs) to cover testing and treatment for coronavirus (COVID-19) pre-deductible. This means coronavirus testing and treatment are considered a qualified medical expense under an HDHP, and people can use health savings account (HSA) funds to pay for it. Sterling will continue to update our accountholders as we learn new information. In the meantime, from our families to yours, please take care of yourselves.

Where are my HSA Tax Forms?

HSA related tax forms 1099-SA and 5498-SA are available when you log into your account. Watch this quick video to learn how to download them.

Sign up for Text Alerts

Accountholders may now "opt-in or opt-out" of account-related text alerts. How do you sign up? Log in to your Sterling account from your desktop, to see the "Alerts" icon on your dashboard.  Click on "Alerts" to go to the Notification Preferences Page, where you can opt-in to receive email or text alerts related to email changes, address changes, phone number changes, and bank account changes. You can also select service-related alert options, including claim and contribution statuses and tax statements availability. 

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Annual Housekeeping for HSA Accountholders

HSA Accountholders, we would like to remind you to please log on to our platform and verify that your User Profile is up to date. This includes your address, email address, health plan type - single or family, and most importantly -- you beneficiary designations! Outdated beneficiaries are common, and can occur following a new birth, marriage, divorce, or death, for example. Please check yours annually to ensure they are up to date. Also, if you are making contributions now for 2019, please select "prior year" in our online dropdown menu under "contributions." Or, if you are paying by check, just indicate the year in the memo section of your check.  Thank you for your help. If you need help, just reach out to our Customer Service team.

New How-To Videos

Need help navigating our online system? We developed an extensive library of "how-to" videos, designed specifically for our accountholders, explaining every online process, every step of the way. Check out our Videos

Sterling Has Been Nationally Published in HR.com on HSAs

Read Jeff Strong's Article Today! Sterling is proud to announce that our Vice President of Sales, Jeff Strong, published an article in HR.Com entitled "The Top 5 Advantages of Having an HSA." Read it here !

HSAs and COBRA - Did You Know?

A COBRA Qualified Beneficiary may still contribute to an HSA account, as long as he or she is covered by a high-deductible health plan. The premiums for health care continuation under COBRA are considered an eligible medical expense , and payment of the premiums can be made using HSA funds. An HSA disbursement form can be downloaded from the Sterling website.

Learn more about COBRA

2020 HSA LIMITS

HSAs and Medicare

DID YOU KNOW? YOUR HSA KEEPS WORKING AFTER YOU RETIRE Retirees cannot contribute to HSAs after enrolling in Medicare – but they can still retain and use the funds in HSAs they previously established. If you don’t use the money in your HSA, you retain it. HSAs are also portable – meaning that when you change jobs or health insurers, you bring your HSA with you – even when you enroll in Medicare.

Learn more about HSAs and Medicare

FINALLY, THANK YOU

Thank you for your business. We are grateful to serve you. From our families to yours, we wish you the best.