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.
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.
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.
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 You must first open your account before funds may be deposited (including any employer contributions) or withdrawn to pay for qualified medical expenses.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 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 2023 tax year, the maximum individual contribution is $3,850.
For 2023 tax year, the maximum family contribution is $7,750.
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 First-Time User (website)
How Your HSA Works (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You must first open your account before funds are deposited (including any employer contributions) or withdrawn to pay for qualified medical expenses.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 days could result in forfeiture of employer contributions. Employee contributions will be returned via payroll and taxed appropriately.
Opening your HSA:
- Access online registration at www.mybenefitwallet.com
- Choose “First Time User” and complete the requested information.
- 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.
- 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.
- Making Changes to Your Contribution
Please review eligibility, enrollment, and change information here.