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 in 2014 to $3,300 for an individual or $6,550 for a family (2013 limits are $3,250 for an individual or $6,450 for a family). Annual HSA contribution limits include both your contribution and the University's contribution. The university will contribute seed money to your HSA. The amount will be determined by your HSA enrollment date (see chart below). You are not required to contribute any funds in order to receive the university seed. However, you do have to complete the HSA enrollment in order to receive them.
2014 University Seed Contibution to HSA
|HSA Enrollment Date||Individual Seed Contribution||Family Seed Contribution|
|Jan 1- Mar 31||$600||$1200|
|April 1- June 30||$400||$800|
|July 1- Sept 31||$200||$400|
|Oct 1 - Dec 31||$0||$0|
View Your HSA Balance and Activity
You can view your HSA Balance, check for your seed 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.
Once you have been enrolled in the myOptions Health Plan for 30 days, the University will deposit your seed contribution into your HSA within 7-14 days. 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.
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
- Prescription Drugs
While the 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.