2023 Open Enrollment

Starting 8 a.m. MST Nov. 14 and ending 5 p.m. MST Dec. 2, faculty and staff enrolled in CU’s High Deductible health plan can enroll in a Health Savings Account or update their HSA contributions for 2023. Changes will be effective starting Jan. 1. Learn more below.

HSA Basics

  Watch the HSA basics course

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:

 


Open Enrollment 2023

Faculty and staff enrolled in CU Health Plan – High Deductible can update their 2023 HSA contributions Nov. 14 – Dec. 2 within the employee portal. Explore what’s changing and set your contributions in the employee portal.

Any action taken during Open Enrollment will be effective starting Jan. 1, 2023.

Why choose a Health Savings Account?

  • The money is yours. You can continue contributing without having to meet an annual “use it or lose it” spending requirement, and the money remains in savings even after you stop contributing.
  • This allows enrollees to save up money over time for large medical expenses – anticipated or not – in the future. Many account holders use an HSA to save money for medical expenses in retirement.
  • Enrollees can invest their savings to increase their HSA fund balance.

Who is eligible to enroll?

  • Only participants in CU Health Plan - High Deductible may contribute to CU’s HSA.
  • Participants may not be enrolled in both a Health Savings Account and a Health Care Flexible Spending Account (HCFSA).

When do 2023 Health Savings Account (HSA) open enrollment changes take effect?

New enrollments and changes will be effective starting Jan. 1, 2023.

How can I make changes to my contributions or enroll in a Health Savings Account?

To either enroll in an HSA or make changes to your contributions,

  1. Login to my.cu.edu.
  2. From the CU Resources drop-down menu, select Benefits & Wellness.
  3. Click the Benefits Enrollment tile and either enroll or make changes to your contributions.
  4. After making an election, you will receive a confirmation email and can review your account within the Benefits Summary tile the following day.

Can employees still enroll/update contributions throughout the year?

  • Yes. You can enroll or update at any time. Changes made by the 10th of a given month will be effective the 1st of the following month.
  • You can also make a lump sum contribution by submitting the HSA Authorization Form to Employee Services. To process a lump sum contribution for the 2022 calendar year, your form must be received by Dec. 10, 2022.

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.

Website

Visit the Optum website for more guides, videos and webinars.