Understanding your health savings account (HSA)
- How to enroll
- 2015 university seed contribution to your HSA
- 2016 university seed contributions to your HSA
- View your HSA balance and activity
- Change your contributions
- Retaining ownership of your HSA
- Receive your reimbursements
Need help completing your HSA Rollover or Transfer Request form?
If you had an HSA with HealthEquity in 2015 and will continue to have an HSA with Optum Bank in 2016, complete the HSA Rollover/Transfer form you received in the mail and submit it to Total Rewards. The university will cover the cost of the fund transfer, as well as cover the closure of your HealthEquity account. Need help completing the form? View a partially completed form for information on HealthEquity and Optum Bank.
If you enrolled in the Healthy Savings Plan, you may be eligible to enroll in a health savings account (HSA). A HSA allows both you and/or the university to contribute to a tax-favored account that can be used for health care expenses. To be eligible for an HSA:
- You may not be covered by another health plan (including Medicare).
- You may not be claimed as a dependent on someone else's tax return.
- You, or your spouse, may not be enrolled in a general purpose health care Flexible Spending Account.
If you are an active faculty or staff member (as opposed to a retiree), the university contributes annual seed money to your HSA in one lump sum. The amount is determined by your HSA enrollment date, per the table below. You are not required to contribute any funds in order to receive the university's seed money. However, you do have to complete HSA enrollment with the account administrator in order to receive the seed money. Find the form in the forms and guides section on this webpage.
Once you enroll in the Healthy Savings Plan and indicate you want an HSA, the university alerts the account administrator that you are ready to enroll. The account administrator will mail their HSA welcome packet directly to you. Note: If you enroll in an HSA during the university's Annual Enrollment period in the fall, it can sometimes take until January for you to receive your enrollment packet.
If you have an HSA in 2015 and you choose to transfer your funds between administrators, or if you decide to keep your account with HealthEquity while also opening an Optum Bank HSA, there are special considerations to be made. Get more information on the transition to a new medical plan administrator page.
In order to comply with the USA PATRIOT Act, the account administrator is required to verify the identity of each HSA account holder. Please be aware that you must complete the Customer Identification Process (CIP) within 75 days of the account administrator first contacting you. If you do not complete your identification verification within 75 days, your HSA election will be terminated and you will not receive the university's contribution.
In 2015, the University of Missouri account administrator for HSAs is HealthEquity. To access your HealthEquity HSA account online, visit the HealthEquity website. Questions regarding your HealthEquity HSA account should be directed to HealthEquity or the HR Service Center.
In 2016, the University of Missouri account administrator for HSAs is Optum Bank.
HSA contributions are limited by the Internal Revenue Service (IRS) and pertain to both your contribution and the university's contribution. In 2016, the HSA contribution limit is $3,350 for an individual or $6,750 for a family. (2015 limits were $3,350 for an individual or $6,650 for a family.) If you are 55 years old or older, the IRS allows you to contribute an additional $1,000 under a catch-up provision.
|HSA Enrollment Date||Self||Self & Spouse||Self & Child(ren)||Self, Spouse & Child(ren)|
|Jan 1- Mar 31||$400||$800||$800||$1,200|
|... meaning the IRS limit allows you to contribute an additional:||$2,950||$5,950||$5,950||$5,550|
|April 1- June 30||$265||$535||$535||$800|
|... meaning the IRS limit allows you to contribute an additional:||$3,085||$6,215||$6,215||$5,950|
|July 1- Sept 30||$135||$265||$265||$400|
|... meaning the IRS limit allows you to contribute an additional:||$3,215||$6,485||$6,485||$6,350|
|Oct 1 - Dec 31||$0||$0||$0||$0|
|... meaning the IRS limit allows you to contribute an additional:||$3,350||$6,750||$6,750||$6,750|
Optum Bank will send your Welcome Packet and debit card seperately. Your Welcome Packet will provide instructions for establishing your account for online access. You can view your HSA balance, check that your university contribution has been deposited, and see your transactions by logging into your Optum Bank account.
Once you have been enrolled in the health savings account for 30 days, the university will deposit your seed money into your HSA within 7-14 days. Those who enroll during annual enrollment can expect to receive the funds in the third or fourth week of January. Any funds that you have elected to contribute through pre-tax payroll deduction will be deposited into your HSA within 5-7 days of payroll.
You may change your pre-tax payroll contribution amount at any time during the year by completing and returning the HSA enrollment/change form. Find the form in the forms and guides section on this webpage.
The minute money is deposited in your HSA, it is yours to keep forever. There are no requirements to use your HSA funds by the end of each year. (This is unlike a flexible spending account, in which funds must be depleted each year.) Furthermore, your HSA stays with you even if you separate from the university. And even if you are no longer eligible to contribute to your HSA, you can still use the funds that are in it. For example, individuals covered by Medicare may not contribute to an HSA, but they can use funds from an HSA that they had in years prior to enrolling in Medicare.
You can decide how to utilize your account funds. You may use your debit card to pay for eligible expenses, or authorize Optum Bank to pay for eligible expenses automatically when your claims are processed. You may also reimburse yourself from your HSA for any personal funds you spent on eligible expenses.
Your HSA funds may be used to pay for all IRS Section 213(d) expenses including:
- Prescription drugs
While the university HSA contribution may be earned only by the primary subscriber to the Healthy Savings Plan, it can be used for any qualifying member of the subscriber's family.
- Enrolling in benefits for the first time - This page pertains to the forms necessary for new enrollments submitted November and December 2015 only.
- HSA Transfer form - to be completed if you are transfering funds from your HealthEquity account to an Optum Bank account for 2016.
- HSA Enrollment/Change Form for 2015 - to be completed if enrolling in the Healthy Savings Plan and qualified for an HSA in 2015
- HSA Enrollment/Change Form for 2016 - to be completed if enrolling in the Healthy Savings Plan and qualified for an HSA in 2016
- Optum Bank access to and retention of electronic HSA records
- HealthEquity Custodial Agreement
- Health Savings Account slicksheet, a one-page overview
- Go to the benefit plan administrators webpage to find HealthEquity and Optum bank contact info
- FAQs about HSAs ...
- Full list of forms and guides about HSAs …
Reviewed November 25, 2015.