Health Savings Accounts
Employees enrolled in the Consumer Directed Health Plan option (CDHP) may contribute to a Health Savings Account (HSA).
Plan Highlights:
- To be an eligible, employees must be enrolled in the University Employee Health Care Plan CDHP option as their only health coverage (except as otherwise permitted under IRS regulations), not be enrolled in Medicare, and not be claimed as a dependent on someone else’s tax return.
- The University’s CDHP plan meets the IRS requirements for contributions to an HSA.
- An HSA may be used to pay for qualified medical expenses on a pre-tax basis or it can be saved and earn interest. The amount in an HSA may also be invested once it reaches a minimum balance of $2,000.
- Employees may only use funds that have already been deferred into their account.
- The money deferred to an HSA belongs to the employee. If the employee changes jobs or retires, they keep the account and all remaining balances.
- HSA minimums and contribution rules are set and governed by the IRS.
- Funds may be used to pay current and future eligible medical expenses, COBRA premiums, Medicare Supplement or Medicare Advantage premiums, and long term care premiums and expenses. There is no deadline for submitting eligible expenses for reimbursement.
Enroll or Change Elections Through UBenefits:
- Employees may enroll, change or cancel an election at any time. Changes are effective for the pay period in which the election is entered in UBenefits. Click the Change Your Benefits tile, then scroll down and click the Change HSA Pledge Start button.
- Elections roll over from one Plan Year to the next and will not stop or change until the employee requests a change through UBenefits.
To be eligible, expenses must not be paid, reimbursed, or reimbursable from any other source. See HealthEquity’s website for a list of eligible expenses.
Links to Additional Information:
Questions about Health Savings Accounts can be directed to HealthEquity at 1-866-346-5800 or memberservices@healthequity.com