Glossary - I
IIAS (Inventory Information Approval System)
The IIAS electronically tracks and verifies items that are FSA/HSA/HRA eligible, which eliminates the paper-based substantiation and reimbursement process for claims administrators and consumers. When purchasing prescriptions and/or over-the-counter (OTC) FSA-eligible items using a debit card, the technology will match the items and automatically approve the transaction with no follow-up procedures required.
IRA (Individual Retirement Account)
A tax-deferred retirement account for an individual that permits individuals to set aside money each year, with earnings tax-deferred until withdrawals begin at age 59 1/2 or later (or earlier, with a 10 percent penalty). The exact amount of annual contributions allowed depends on the year and your age. IRAs can be established at a bank, mutual fund company, or brokerage. Only those who do not participate in a pension plan at work or who do participate and meet certain income guidelines can make deductible contributions to an IRA. All others can make contributions to an IRA on a non-deductible basis. Such contributions qualify as a deduction against income earned in that year and interest accumulates tax-deferred until the funds are withdrawn. A participant is able to roll over a distribution to another IRA or make a one-time rollover to a Health Savings Account (HSA) or withdraw funds using a special schedule of early payments made over the participant's life expectancy.
IRA Rollover to Health Savings Account (HSA)
The ability to make a one-time transfer (or rollover) of funds from an Individual Retirement Account (IRA) to a Health Savings Account (HSA). The rollover must be a direct custodian to custodian (or custodian-to-trustee, trustee-to-custodian or trustee-to-trustee) transfer. The maximum amount that may be transferred is the maximum amount that can be contributed to the HSA for the year in which the transfer is made. If an individual who makes an IRA to HSA rollover contribution ceases to be an HSA-eligible individual during the 12-month period starting with the month of the rollover contribution and ending 12 months later, then the amount rolled over is includible in the individual's gross income and subject to a 10 percent additional tax (however, no amount is included in income if the individual dies or becomes disabled). Note: The amount rolled over does count toward the annual HSA contribution limit.
IRS Contribution/Deductible Guidelines
Guidelines provided by the IRS regarding HSA contributions and qualified High Deductible Health Plan (HDHP) deductibles.
Coverage that is specifically for one individual. Also known as self-only coverage.
Individual Retirement Account
Inventory Information Approval System