Understanding Your Health Savings Account (HSA)

For specific questions regarding individual situations,
contact Health Equity at 1-877-372-5383
or visit their website www.healthequity.com.

Overview

If you enroll in the Healthy Savings Plan for 2015, you may be eligible to enroll in a Health Savings Account (HSA). An HSA allows both you and 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 Health Care Flexible Spending Account

HSA contributions are limited by the IRS. In 2015, the limit is $3,350 for an individual or $6,650 for a family (2014 limits were $3,300 for an individual or $6,550 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.

Annual HSA contribution limits pertain to both your contribution and the University's contribution. The University contributes annual seed money to your HSA. The amount is determined by your HSA enrollment date (see chart below). You are not required to contribute any funds in order to receive the University's seed money. However, you do have to complete the HSA enrollment in order to receive the seed money. (Find the HSA enrollment form on the Benefits Forms webpage.)

Please be aware that you must complete your identification verification process (CIP) with Health Equity within 90 days of Healthy Equity first contacting you. If you do not complete your identification verification in 90 days, your HSA election will be terminated and you will lose the University's contribution.

2015 University Contribution to HSA

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 $5,850 $5,850 $5,450
April 1- June 30 $265 $535 $535 $800
   ... meaning the IRS limit allows you to contribute an additional: $3,085 $6,115 $6,115 $5,850
July 1- Sept 31 $135 $265 $265 $400
   ... meaning the IRS limit allows you to contribute an additional: $3,215 $6,385 $6,385 $6,250
Oct 1 - Dec 31 $0 $0 $0 $0
   ... meaning the IRS limit allows you to contribute an additional: $3,350 $6,650 $6,650 $6,650


Please note: There are different contribution levels for the remainder of 2014. If you are enrolling in an HSA between now and September 30, 2014, you could receive either a $200 or $400 seed contribution depending on the elections you made under the myOptions Health Plan. From October 1, 2014, to December 31, 2014, the university's seed contribution is $0, after which the contributions listed in the table above begin on January 1, 2015. Call your Campus Benefits Representative if you have questions.

View Your HSA Balance and Activity

A few weeks after you have enrolled, you will receive a Welcome Packet from Health Equity containing your debit card as well as instructions for establishing your account and online access. You can view your HSA Balance, check that your university contribution has been deposited, and see your transactions by logging into your Health Equity account www.healthequity.com.

Once you have been enrolled in the Healthy Savings Plan (named myOptions in 2014) 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. (Go to the Benefit Forms webpage to access the enrollment/change form.)

Receive Your Reimbursements

You can decide how to utilize your account funds. You may use your debit card to pay for eligible expenses, or authorize Health Equity 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

  • Medical
  • Prescription Drugs
  • Dental
  • Vision

While the university HSA contribution may only be earned by the subscriber, it can be used for any member of the subscriber's family.

Reviewed 2014-09-16.