Administered by Optum Bank, a Health Savings Account (HSA) allows you to pay for qualified health care expenses now or in the future. HSAs offer three tax benefits: Tax-free saving, growth and spending on qualified medical expenses anytime from today throughout your retirement.

You contribute from your pay on a pre-tax basis. These deductions lower your taxable income and when you spend the money on qualifying expenses, you will not be taxed. 

  Plan Details

Determine your contributions

  How much is deducted from each paycheck?

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

HSA Features and Considerations

To contribute to an HSA, IRS regulations apply:

  • You must be enrolled in CU Health Plan High Deductible
  • You cannot be enrolled in Medicare or TRICARE
  • You cannot be claimed as a dependent on someone else’s previous year tax return
  • You cannot have another active medical plan, that is not an IRS qualified High Deductible Plan
  • You cannot contribute to an HCFSA and an HSA at the same time

 

2019 IRS Contribution Limits:   

  • $3,500 for single coverage
  • $7,000 for family  coverage (2+members)
  • $1,000 additional for age 55 or older

 

Additional information:

  • You own your HSA so funds carry forward year after year, even if you change employers or retire.
  • HSA runs on a calendar year and changes can be made at any time.