Overview

If you enroll in one of Belk’s medical plans, you may open and contribute money to a Health Savings Account (HSA) through ConnectYourCare. The HSA is a tax-free savings account you can use to help cover the costs of your health care at any time — even in retirement.

For More Information

Download the Guide to How the Health Savings Account Works to find out how much you can contribute to the HSA, see an example, find out about eligibility requirements, and learn more about ConnectYourCare. Want to learn more? See the HSAs for Dummies Guide.

HSA Features:

Tax AdvantageContributions from Belk.

Contributions from Belk.

If you enroll in one of Belk’s medical plans, the company helps fund your HSA — that’s free money! Belk’s contributions are made in four installments, in January, April, July and October. You must be enrolled and actively employed on January 1, April 1, July 1 and October 1 to receive payments. Funds will be issued by the end of the month and you must be actively employed at the time payment is issued. Find out how much Belk contributes for each plan.

Tax AdvantageYou can save, too.

You can save, too.

You can also contribute to your HSA through automatic, pre-tax payroll deductions. In 2019, the IRS limits on total contributions to your account (from both you and Belk) are:

  • Up to $3,500 for associate-only coverage
  • Up to $7,000 for family coverage
  • If you’re age 55 or older, you may contribute an additional $1,000

Tax AdvantageWorks like a bank account.

Works like a bank account.

Pay for eligible medical, dental, and vision expenses for you and your family by using your HSA debit card, or reimburse yourself for payments you’ve made (up to the available balance in the account). Spend the money on:

  • Deductibles
  • Coinsurance
  • Prescription drugs
  • Out-of-pocket expenses
  • And more — for a complete list, refer to IRS Publication 502

Tax AdvantageNever pay taxes.

Never pay taxes.

Contributions are made from your paycheck on a pre-tax basis, and the money will never be taxed when used on eligible expenses.*

Tax AdvantageIt’s your money.

It’s your money.

Unused money can be carried over each year and invested for the future — you can even take it with you if you leave Belk. This means you can build up money in your HSA to create a tax-free nest egg for your medical expenses in retirement.

HSA Eligibility

To make contributions to an HSA or receive HSA contributions from Belk, you:

  • Must be enrolled in one of Belk’s medical plans
  • May not have a Health Care Flexible Spending Account on your own or through your spouse
  • Cannot be claimed as a dependent for tax purposes by someone else
  • May not be enrolled in Medicare, Medicaid, or Tricare

Note: You cannot use your HSA to cover expenses for your domestic partner or his or her dependents, even if they are enrolled in Belk’s medical coverage.

Enrolling in Medicare When You Have an HSA

When you enroll in Medicare, you can no longer make contributions to your HSA. If you become Medicare-eligible and enroll in Medicare during the calendar year, please contact HR Shared Services at 1-800-588-3700 to have future contributions canceled. You can continue to use the funds in your HSA to help pay for medical expenses, such as deductibles, premiums, copayments and coinsurance. If you use the account for qualified medical expenses, it will continue to be tax-free.

Getting Started

When you enroll in one of Belk’s medical plans, you have access to an HSA that has many advantages, such as the following:

  • You’ll gain a triple tax advantage. No taxes when you deposit money to your account; withdraw funds from your account; or earn interest on your HSA dollars.
  • No “use it or lose it” rule. Your funds roll over year after year.
  • Take your money with you. You always have the funds in your account and can take the account with you even if you retire or leave Belk. If you haven’t opened your HSA or contributed to it, do so today.

Watch this video to learn more: