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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 a 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

HSA's 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 checking 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  You must first open your account before funds may be deposited (including any employer contributions) or withdrawn to pay for qualified medical expenses.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 within 90 days could result in forfeiture of employer contributions. Employee contributions will be returned via payroll and taxed appropriately.  

 

You can use your HSA, administered by BenefitWallet, to pay for eligible expenses or you can reimburse yourself by writing a check 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 2021 tax year, the maximum individual contribution is $3,600.

For 2021 tax year, the maximum family contribution is $7,200.

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


Information and Forms

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

BenefitWallet (website)

OSU HSA Enroll/Change Form

BenefitWallet First-Time User (website)

How Your HSA Works (pdf)

HSA Savings Calculator

BenefitWallet-FAQ (pdf)

 

  • 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 within 90 days could result in forfeiture of employer contributions. Employee contributions will be returned via payroll and taxed appropriately.

     

    Opening your HSA:

    1. Access online registration at www.mybenefitwallet.com
    2. Choose “First Time User” and complete the requested information.
    3. Look for a welcome letter in the mail at your home address. Do not throw this envelope away. Complete the Master Signature Card, designate account beneficiaries, and request a checkbook. Return the card to BenefitWallet.
    4. Within four to seven business days of account activation, BenefitWallet will mail you a debit card. Debit cards and checkbooks are mailed in generic envelopes.

     

    For questions:

    BenefitWallet

    877.472.4200

     

    OSU Benefits

    405.744.5449

    osu-benefits@okstate.edu

  • Making Changes to Your Contribution

    You can make changes in one of three ways:

    1. Online using employee self-service portal
      1. ​Log in to my.okstate.edu
      2. Select the "Employee" tab.
      3. Select "Benefits: Enroll, Verify, Qualifying Event"
      4. Choose "New Hire Enrollment" or "Review Current Benefits"
      5. Follow the instructions. 
    2. The BenefitFocus App
      • ​Watch this short video to learn how easy it is to access your benefits information whenever and wherever you go. You will also be able to use the app during open enrollment when you verify and elect benefits for the following year.  You can also use the Mobile App User Guide.
      • All of this from your mobile device! And that’s not all...an extensive library of educational videos is now available at your fingertips. Download the app today! With secure fingerprint authentication, managing your benefits is as easy as 1-2-3:
        • Install the BENEFITFOCUS® App from Google Play or the Apple App Store.
        • Enter the company ID OSUAM.
        • Log into your benefits using your O-Key credentials.
    3. The OSU HSA Enroll/Change Form

 

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