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, such as BlueEdge High Deductible, 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.

 

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 You must first open your account before funds may be deposited (including any employer contributions) or withdrawn to pay for qualified medical expenses.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. OSU A&M HSAs transferred to HealthEquity, an IRS-approved non-bank custodian on May 9, 2024. For more information, visit the member transition site. To access account history prior to the transition, log in to your account at BenefitWallet.

 

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 2024 tax year, the maximum individual contribution is $4,150.

For 2024 tax year, the maximum family contribution is $8,300.

 

For the 2025 tax year, the maximum individual contribution is $4,300.

For the 2025 tax year, the maximum family contribution is $8,550.

 

Catch-up contributions for 55 and older is $1,000.

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Information and Forms

Find forms, tax-savings calculators, frequently asked questions, and account management tools at the BenefitFocus website.

 

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

 

• Opening Your HSA

  You must first open your account before funds are 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. 

   

  Opening your account:

  1. Go to myhealthequity.com and click "Begin Now".
  2. Enter the information requested on the "Find your Account" screen. 
  3. Enter the information asked for on the "Verify your Identity" screen. 
  4. On the "Set Up Your Login" screen:
     • Pick a user/login name of at least six characters with numbers and letters.
     • Choose a password of at least eight characters with an uppercase letter, a lowercase letter, and a number.
  5. Follow password creation recommendations as listed in the log in screen.
  6. On the "Your Email Settings" screen, enter your email address. 
  7. Click the box to agree to the terms of the website and save the agreement. 

   

  For questions:

   

  HealthEquity

  877.750.0934

   

  OSU Benefits

  405.744.5449

  osu-benefits@okstate.edu 

   

   

• Making Changes to Your Contribution

  You can enroll online and/or make contribution changes in one of two ways:

   

  1. Online using BenefitFocus

     1. Go to the BenefitFocus portal here

     2. Log into your benefits using your O-Key credentials

     3. Choose "Edit your HSA contribution" or "Change your current benefits”

     4. Follow the instructions

  2. The Benefitplace App

     1. Install the Benefitplace® App from Google Play or the Apple App Store

     2. Enter the company ID: OSUAM

     3. Log into your benefits using your O-Key credentials

     4. Follow the instructions

   

  Contribution changes will be effective the first of the month following the requested modification.