BNY Mellon Benefits Guide
The Health Savings Account
If you enroll in the Lower Deductible HSA Plan or the Higher Deductible HSA Plan, you may be eligible to contribute and receive company contributions to a Health Savings Account. The Health Savings Account offers the following:
  • BNY Mellon contributes to your account. Provided you enroll in the Health Savings Account and open an account as described in "How the Health Savings Account (HSA) Works", BNY Mellon's contribution will be deposited to your Health Savings Account following your first pay following your plan effective date to help you pay for qualified medical expenses. If you enroll after January 1 as a new hire, a prorated BNY Mellon contribution will be made after you enroll.
  • You can budget and save. Provided you enroll in the Health Savings Account and open an account as described in "How the Health Savings Account (HSA) Works", you can also contribute to your Health Savings Account. Please keep in mind that you need to budget for the deductible. And, if you don't use all of the money in your account, your account balance rolls over from one year to the next.
  • Not taxable. You don't pay federal taxes on any money you and BNY Mellon put into your Health Savings Account or any money taken out—as long as it is used to pay for qualified medical expenses. In most states, Health Savings Account contributions and earnings may also be exempt from state income taxes.
  • It's your money. The money in your Health Savings Account is yours—to pay for qualified medical expenses today or in the future, even if you leave BNY Mellon for any reason at any time.
IRS Rules About Who Can Contribute to a Health Savings Account
IRS rules determine whether or not you are eligible to make and receive Health Savings Account contributions. If you participate in any part of Medicare or TRICARE; enroll in the HMSA Hawaii Plan, Kaiser Permanente Plan or Aetna International Plan; or are on long-term disability, retired or on COBRA, you are not eligible to make Health Savings Account contributions, receive Company contributions or earn Health Savings Account contributions through participation in the Wellbeing Rewards Program. Active employees enrolled in the Lower Deductible HSA Plan or Higher Deductible HSA Plan who are enrolled in any part of Medicare or TRICARE may not contribute to a Health Savings Account, but will receive BNY Mellon contributions and Wellbeing Rewards contributions through payroll as taxable wages. To the extent that contributions are made to your Health Savings Account after your Medicare coverage starts, you may be subject to a tax penalty. If you would like to continue contributing and/ or receiving BNY Mellon's automatic contributions to your account, you should not apply for any part of Medicare, Social Security or Railroad Retirement Board (RRB) benefits.
A Health Savings Account is offered in conjunction with the HSA Plans as a voluntary benefit directly from BenefitWallet. The Health Savings Account is not governed by ERISA. BNY Mellon neither endorses BenefitWallet as the Health Savings Account vendor, nor is it sponsoring the Health Savings Account program. BNY Mellon's role with respect to the Health Savings Account is limited to permitting you, as an eligible employee participating in the Plan, to make pre-tax contributions to the Health Savings Account through the Plan's cafeteria plan component.