View the HSA Chart for election amounts
An HSA combines some of the best features of a flexible spending account with those of a 401(k) plan or Individual Retirement Account. An HSA is an individual account you own that allows you and the University to contribute pre‑tax dollars to pay for qualified, out-of-pocket medical expenses now or later.
If you have dollars remaining in your HSA at the end of the year — either because you didn’t incur medical expenses or because you paid for medical expenses from your personal checking account — these dollars remain in your HSA. Each year, HSA dollars roll over and can be saved for the future. Additionally, HSA dollars earn interest. Once your HSA balance is $3,000 or greater, you can invest a portion in mutual funds. Interest and investment earnings are tax-free as long as they remain in your HSA and/or are used for eligible health care expenses. What’s more, you own the money in your HSA. It’s yours to keep if you leave the University or retire.
Be sure to reference The Complete HSA Guidebook provided by HealthEquity for more detailed information on Health Savings Accounts, including Health Care Reform Changes and Tax Changes.
Contributing to an HSA
The University helps fund your HSA through matching contributions. The University’s matching contribution is deposited into your account each pay period until the maximum amount has been deposited. View the "HSA Chart for election amounts" above to see the matching details.
Spending Your HSA Dollars
Use your HSA funds tax-free to pay for qualified health care expenses for you, your spouse and any dependents you claim on your federal tax return.
Because you own the HSA, you are responsible for ensuring tax-free withdrawals are spent on qualified health care expenses. If you contribute or withdraw money from your HSA, you must declare these amounts on your federal tax return.
HSA participants receive a Health Equity Visa check card. This card is linked to your HSA balance and works just like a conventional check card. Participants can also use online bill pay.