HSA Basics

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HSA Basics

 

Administered by Optum Bank, a Health Savings Account (HSA) allows you to pay for qualified health care expensesEligible ExpensePurchases or services received that are allowed by the benefit provider and complies with IRS regulations. now or in the future. HSAs offer three tax benefits: Tax-free saving, growth and spending on qualified health care expensesEligible ExpensePurchases or services received that are allowed by the benefit provider and complies with IRS regulations. any time from today through your retirement.

You contribute to the savings plan through payroll deductions on a pre-tax basis. These contributionsContributionIn reference to Flexible Spending Accounts and Health Savings Accounts, it’s the amount of money that you elect to be deducted from your paycheck to be deposited into your FSA or HSA account. lower your taxable income, and when you spend the money on qualifying expensesEligible ExpensePurchases or services received that are allowed by the benefit provider and complies with IRS regulations., you will not be taxed. 

The money you put into an HSA rolls over from year to year – the money is yours to keep saved or spend on qualified health care expensesEligible ExpensePurchases or services received that are allowed by the benefit provider and complies with IRS regulations.. If you leave the university in any capacity, you will keep your HSA through retirement.

  Plan details

 

HSA features and considerations

To contribute to an HSA, IRS regulations apply:

2022 IRS Contribution Limits:   

  • $3,650 for single coverage
  • $7,300 for family coverage (2+members)
  • $1,000 additional for employee age 55 or older

2023 IRS Contribution Limits:   

  • $3,850 for single coverage
  • $7,750 for family coverage (2+members)
  • $1,000 additional for employee age 55 or older

Additional information:

 


Determine your contributions

  How much is deducted each month?

Health Savings Accounts (HSAs) run on the calendar year, from Jan. 1 to Dec. 31

  Update your contributions

  • You can enroll, cancel or make changes to your contribution at any time.
  • HSA Open Enrollment: Employee Services offers an HSA Open Enrollment every November where you can go directly to your employee portal to enroll or update your contributions for the following calendar year. Go to the Benefits &Wellness area and select the Benefits Enrollment to enroll. See instructions. 
  • You may also make lump sum contributions by submitting the HSA Authorization Form to Employee Services.

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