BNY Mellon Benefits Guide
The Health Accounts
Whether you choose Plan HSA or Plan HRA with Aetna or UnitedHealthcare, you'll have access to a personal health account. BNY Mellon will contribute to these accounts on or before your first pay following your plan effective date, to help you pay your share of eligible health care expenses. These health accounts reward you for effective long-term health care savings, even into retirement, because unused balances generally roll forward from year to year.
  • A Health Reimbursement Account will be automatically opened for you if you enroll in Plan HRA. BNY Mellon contributes to your health account to help you pay your portion of eligible health care expenses. You do not contribute to your Health Reimbursement Account.
  • A Health Savings Account, regulated by IRS rules, will be automatically opened for you if you enroll in Plan HSA. BNY Mellon contributes to your health account to help you pay your portion of eligible health care expenses. In addition, from your pay, you can contribute pre-tax dollars to your health account up to the annual IRS limits (Individual annual maximum: $3,450; Employee + Child(ren), Employee + Spouse/Domestic Partner or Employee + Family annual maximum: $6,900; Age 55 or older: additional catch-up contributions of up to $1,000 annually). Health account earnings and distributions (for eligible expenses) are also tax-free. To finalize opening your account, you will be required to provide certain information as required by the U.S. Patriot Act (including such items as name, address, date of birth, Social Security number, etc.).
  • Your contributions to pay for your health coverage are paid on a "tax-free" basis. As used throughout this Guide, "tax-free" means they are generally exempt from federal income and Social Security taxes, as well as many state income taxes.
  • Note: If you enroll for other medical coverage that is not a qualifying high-deductible health plan, such as through your spouse's or domestic partner's plan, including a general purpose Health Care FSA or HRA, or are covered by any part of Medicare, including Part A, Part B, etc., or Tricare, by federal law, contributions cannot be made to a Health Savings Account. (This is an IRS rule.)
  • Your contributions to pay for your health coverage are paid on a "tax-free" basis. As used throughout this Guide, "tax-free" means they are generally exempt from federal income and Social Security taxes, as well as many state income taxes.
  • The amount BNY Mellon contributes on your behalf to either account is based upon your coverage level and your base pay. As used in this Guide, "base pay" generally means your annualized base pay, or rate of pay based on a normal workweek not exceeding 40 hours, generally excluding commissions, overtime pay, bonuses, payments in lieu of vacation, all non-regular payments and any other special purpose payments. Salary reduction contributions, Code Section 132(f) transportation plan and similar salary reduction contributions, as well as any deferred compensation contributions, are included in your base pay.
Account Basics
  • If you newly enroll in Plan HRA or Plan HSA, your health account will be opened on your plan effective date.
  • If you newly elect Plan HSA, you will be presented with the BenefitWallet HSA terms and conditions after you enroll. Once you agree to the terms and conditions, your electronic signature will be used to activate your HSA on your plan effective date. To finalize opening your account, you will be required to provide certain information, as required by the U.S. Patriot Act (including such items as name, address, date of birth, Social Security number, etc.).
  • BNY Mellon will contribute to either your HRA or HSA in one lump sum on or before your first pay following your plan effective date. The BNY Mellon contribution deposited to your health account will be based on your base pay level.
  • In addition to receiving BNY Mellon's contribution, you can also make pre-tax contributions to your HSA, up to the annual IRS limits (see "Plan HSA (Health Savings Account)" for more information). HSA contributions can only be used for qualified health care expenses, and contributions cannot be withdrawn from your health account to pay non-health-related expenses.
  • You decide when to use your health account to pay for qualified health care expenses.
  • Participation in the HSA is subject to IRS rules, including limits on other existing health care coverage and certain restrictions that may apply to adult dependents up to age 26.
  • Unused balances roll forward from year to year.
  • HSA contributions belong to you. If you leave BNY Mellon for any reason and at any age, HSA contributions remaining in your health account will continue to be available for your use.
  • HRA contributions remaining in your health account will remain available for your use if you leave BNY Mellon at or following the attainment of age 55, but will be forfeited if you leave BNY Mellon prior to attaining age 55.
Important: If you are currently enrolled in any part of Medicare (Part A, Part B, etc.) or Tricare, you may participate in Plan HSA but neither you nor BNY Mellon may contribute to a Health Savings Account. See "Health Savings Account (HSA) Contributions" for more information about IRS regulations on Health Savings Accounts.