Understanding Your Health Savings Account (HSA)
If you have enrolled in the myOptions Health Plan, you may be eligible to enroll in a Health Savings Account (HSA). An HSA allows both you and 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 to $3,250 for an individual or $6,450 for a family. Annual HSA contribution limits include both your contribution and the University's contribution. For 2013, the university will contribute seed money to your HSA. The amount will be determined by your HSA enrollment date (see chart below). In addition, when you earn your Wellness Incentive, your $100 will be placed in your HSA. You are not required to contribute any funds in order to receive the university seed and wellness incentive. However, you do have to complete the HSA enrollment in order to receive them.
|HSA Enrollment Date||Individual Seed Contribution||Family Seed Contribution|
|Jan 1- Mar 31||$400||$800|
|April 1- June 30||$300||$600|
|July 1- Sept 31||$200||$400|
|Oct 1 - Dec 31||$0||$0|
Earn Your $100 Incentive
Earning your incentive is easy. You'll just need to complete your personal health assessment (PHA), health screening, and log 240 minutes of physical activity in one calendar month by April 30, 2013. You can complete your PHA, schedule your screening and log your physical activity by visiting www.healthyforlife.umsystem.edu. Once you have completed all three, your incentive will be deposited into your account within 30 days. Only the subscriber is eligible to earn the wellness incentive in 2013.
View Your HSA Balance and Activity
You can view your HSA Balance, check for your incentive deposit and see your transactions by logging into your Health Equity account www.healthequity.com. You will receive a Welcome Packet from Health Equity containing your debit card as well as instructions for establishing your account and online access.
Any funds that you have elected to contribute through pre-tax payroll deduction will be deposited into your HSA on your paycheck date.
You may change your pre-tax payroll contribution amount at any time during the year by completing and returning the HSA 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 213d expenses including
- Prescription Drugs
While the $100 incentive and university HSA contribution may only be earned by the subscriber, it can be used for any member of the subscriber's family.
For additional questions contact Health Equity: 1-877-372-5383 or visit their website www.healthequity.com.