{"id":5323,"date":"2018-09-01T08:00:43","date_gmt":"2018-09-01T15:00:43","guid":{"rendered":"http:\/\/www.afm47.org\/press\/?p=5323"},"modified":"2018-08-22T10:11:54","modified_gmt":"2018-08-22T17:11:54","slug":"hw-whats-new-in-2019","status":"publish","type":"post","link":"https:\/\/afm47.org\/press\/hw-whats-new-in-2019\/","title":{"rendered":"H&W: What\u2019s New in 2019"},"content":{"rendered":"

Professional Musicians & Employer\u2019s Health & Welfare Fund<\/em><\/p>\n

\"\"<\/em>High Deductible Plans & HSAs<\/h2>\n

The Board of Trustees of the Professional Musicians, Local 47 and Employers\u2019 Health & Welfare Fund (the \u201cFund\u201d) is committed to providing the best health insurance delivery and cost platforms available to the Fund\u2019s participants. In furtherance of that goal, and as reviewed in this article, the Fund will offer, during the upcoming open-enrollment period, two \u201cHigh Deductible Plans\u201d (\u201cHDPs\u201d) that can be coordinated with a properly established and administered Health Savings Account (\u201cHSA\u201d).<\/p>\n

What is a Health Savings Account (HSA)?<\/h2>\n

A Health Savings Account (HSA) is a tax-exempt trust or custodial account you (the individual participant) set up with a qualified HSA trustee to pay or reimburse certain medical expenses you incur. You must be an eligible individual, and remain an eligible individual, to qualify for an HSA.<\/p>\n

No permission or authorization from the IRS is necessary to establish an HSA. You set up an HSA with a \u201ctrustee\u201d \u2014 a qualified HSA trustee can be a bank, an insurance company, or anyone already approved by the IRS to be trustee of individual retirement arrangements (IRAs). The HSA can be established through a trustee that is different from your health plan provider. In this regard, please note that the Fund is not an approved trustee for HSA accounts and, therefore, cannot assist you in setting up an HSA or administering the HSA once it is operational.<\/p>\n

Please note that the establishment of an HSA is the individual Participant\u2019s responsibility: the Fund does not establish nor administer HSA\u2019s for any Participant. Any Participant can set up an HSA by going to a bank or insurance company that offers HSA administrative services (and many banking institutions now offer this service).<\/p>\n

Once the HSA is set up, it is the Participant\u2019s duty to properly fund and administer the HSA: the Fund takes and has no role in the administration of an HSA. If you are contemplating the establishment of an HSA, you should truly consider taking an on-line tutorial or checking out the IRS website to make sure you understand how HSA\u2019s work and if it is the right health-care financing vehicle for you\/your family.<\/p>\n

\nWho Qualifies for an HSA?<\/h2>\n

To be an eligible individual and qualify for an HSA, you must meet the following requirements:<\/p>\n