Health Savings Account

Health Savings Accounts (HSA) are similar to Flexible Spending Accounts. Employees have the opportunity to contribute pre-tax dollars to an account to use for qualified medical expenses.

Eligibility

Employees who wish to participate in an HSA must be enrolled in a high deductible health plan, cannot be enrolled in Medicare, cannot be claimed as a dependent on another person's tax return and cannot be enrolled in any other non-qualified medical plan.

Plan Details

HSAs are not use-it-or-lose-it plans. The contributions you make to the account rollover year to year and are yours to take with you if you leave the university. The HSA is not pre-funded. You use what is available in the account after it has been deposited. HSA participants can use the funds beyond medical expenses for such items as COBRA premiums, long-term care insurance and Medicare insurance premiums including A, B, C, and D products.

2027 Account Management

Your HSA is a savings account and management of your HSA is your responsibility. You must first open your account before funds may be deposited (including any employer contributions) or withdrawn to pay for qualified medical expenses. Failure to open your HSA account could result in forfeiture of contributions. University contributions become effective the first of the month following opening of the account.

HSA funds are managed by WEX/Chard Snyder. Since HSA funds are established in a bank account, you are eligible to continue your current account. However, to continue university contributions, you must open an account with WEX/Chard Snyder. Employee contribution election available during Open Enrollment and may be changed or stopped during the plan year.

2027 IRS annual contribution limits:

• Employee-only coverage: $4,500
• Family coverage: $9,000
• Age 55+ catch-up contribution: additional $1,000

IRS annual limits include employer contributions:

• Employee-only coverage: $62.50 per month / $750 annually
• Family coverage: $104.17 per month / $1,250 annually

Frequently Asked Questions

2024-2026 Account Management

Your HSA is a savings account and management of your HSA is your responsibility. You must first open your account before funds may be deposited (including any employer contributions) or withdrawn to pay for qualified medical expenses. Failure to open your HSA account could result in forfeiture of contributions. University contributions become effective the first of the month following opening of the account.

You can use your HSA, currently administered by HealthEquity to pay for eligible expenses or you can reimburse yourself from the account.

There are fees associated with your HSA. When you access your account online, you will be directed to your homepage which includes forms and resources, including a fee schedule. Please review the fee schedule associated with your account.

For the 2026 tax year:

• Individual: Total maximum contribution $4,400
  • $3,650 maximum employee contribution
  • $750 employer contribution
• Employee + Dependent: Total maximum contribution $8,750
  • $7,750 maximum employee contribution
  • $1,250 employer contribution
• Catch-up contribution (age 55+): $1,000

Information and Forms

Find forms, tax-savings calculators, frequently asked questions, and account management tools in your benefits administration portal. Log into my.okstate.edu, click "employee" and select "Benefits" to access your portal to review materials and make changes to your contributions. To change contributions, select “Start Life Event”, and choose “Spending Account Change.”

For questions regarding HSA records prior to May 2024, contact BenefitWallet at 877.472.4200.