If you're enrolled in the University of Colorado’s High Deductible medical plan, a Health Savings Account (HSA) isn’t just a smart financial tool — it’s a powerful way to support your physical and financial well-being.

CU’s annual HSA Open Enrollment runs from 8 a.m. (MT) Wednesday, Oct. 15 to 5 p.m. (MT) Wednesday, Oct. 29. Your enrollment and contributions will begin Jan. 1, 2026.

During this time, eligible employees can:

• Open an HSA if they don’t already have one.
• Update contribution amounts for the 2026 calendar year.

What you can do with an HSA

HSAs are designed to help you pay for qualified medical expenses — including doctor visits, prescriptions, dental and vision care — with pre-tax dollars. Visit Optum’s website for the wide array of eligible services and items you can pay for with an HSA.

HSAs offer three layers of tax savings:

• Contributions are not taxed when deducted via payroll.
• Growth is tax-free (interest and investment earnings).
• Withdrawals for qualified medical expenses are tax-free.

This means you can save money on health care costs while building a financial cushion for the future.

HSAs offer many long-term benefits:

• Funds roll over year-to-year, so you never lose unused money. This allows account holders to build a substantial health care nest egg over time.
• Your HSA is yours to keep, even if you change jobs, switch health plans or retire.
• Once your balance reaches $2,000, you can invest your money in a variety of options — and this year, new investment choices, like high-yield savings accounts, can help you grow your savings even more.
• After age 65, you can withdraw HSA funds for non-medical expenses without penalty (though you’ll pay regular income tax). This makes it a supplemental retirement savings tool, similar to a traditional IRA.

Who’s eligible?

To open and contribute to an HSA, you must:

• Be enrolled in CU Health Plan — High Deductible.
• Not be enrolled in Medicare.
• Not be claimed as a dependent on someone else’s tax return.

In 2026, you can contribute up to:

• $4,400 for individual coverage.
• $8,750 for family coverage.
• If you’re age 55 or older, you can contribute an additional $1,000 beyond these limits.

Learn more

• Register for the Employee Services and Optum webinar, Making the most of a Health Savings Account, at 1 p.m. Oct. 23. This session is designed to demystify Health Savings Accounts (HSAs) and help you make the most of this financial tool.
• Visit the HSA website to watch a video course explaining an HSA’s uses and its many advantages. See how you can save money on health expenses, reduce taxes, invest in your health, and find enrollment instructions.

Ready to take the next step?

Visit CU’s HSA Enrollment page to learn more, explore investment options, and enroll or update your contributions. Your health is worth investing in — and so is your future.

Need help?

If you have any questions not answered by these resources, don’t hesitate to reach out to our benefits professionals.

Contact an Employee Services benefits professional by email at benefits@cu.edu or by phone at 1-303-860-4200, option 3, from 9 a.m. to 5 p.m. Monday – Thursday and from 10 a.m. to 5 p.m. Friday.