Health Care Savings Plan
What is a Health Care Savings Plan?
The Health Care Savings Plan allows eligible employees to save money, tax-free, to pay for eligible health care expenses. It is administered by the Minnesota State Retirement System (MSRS).
Who is eligible to participate in the Health Care Savings Plan?
Participation is determined by employee group. If a bargaining unit chooses to participate, all employees in that bargaining unit must contribute to Health Care Savings Plan as agreed upon by the group. When a bargaining unit determines to participate in the Health Care Savings Plan, they also determine what type of contributions are made to the plan. Contributions can be taken from regular bi-weekly paychecks and/or from vacation or sick leave severance pay. Contribution amounts also vary by employee group.
If I am not represented by a union, am I a participant?
Yes. The City passed an ordinance that provided for participation by non-represented and appointed employees.
How much money am I contributing?
Your contribution amount depends on your employee group. If you are a non-represented or appointed employee, view the ordinance (pdf) which explains the contributions. If you are represented, see the collective bargaining agreement for your unit.
When am I eligible to receive reimbursements of medical expenses?
You are eligible to draw from your account under any of the following circumstances:
- You retire or otherwise leave employment with the City of Minneapolis
- You are collecting disability benefit from one of the public pension plans
- You are on a medical leave (six months or longer)
- You are on a leave of absence (one year or longer)
How can I find out my Health Care Savings Plan account balance?
You will receive a statement from MSRS twice a year which details your account balance and investment designations.
For more information about the Health Care Savings Plan and investment options, call MSRS at (651) 296-2761 or visit the Health Care Savings Plan website.
Last updated Sep 22, 2015