| The Health Savings Account (HSA) can be an important piece of your long-term savings plan. It is only available to UH employees who enroll in the Consumer Select Plan and meet eligibility requirements. An HSA is a tax-advantaged savings account that you can use to pay for health care expenses. It’s important to understand that you own this savings account – just like any other bank account. Consider an HSA your health care “piggy bank” that has powerful tax advantages. |
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Employees enrolled in the Consumer Select Plan must have an open HSA account on December 15th to be eligible to receive the up front UH employer contribution. |
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You are eligible to contribute to an HSA if you are enrolled in the UH Consumer Select Plan unless:
- You are over age 65 and enrolled in Medicare; in this case, you can continue to use funds you have already contributed to an HSA
- You are covered by another plan (such as a spouse’s employer plan) that does not meet IRS requirements for a High Deductible Health Plan
- If you are enrolled in a health care Flexible Spending Account (other than the UH Consumer Select FSA) at any time during the plan year, you are not eligible to contribute to an HSA.
It is very important if enrolled in the Consumer Select Plan, that you open your HSA. UH cannot process the employer contributions to your HSA until it is open. You may lose UH funding if you wait to open your account.
To set up a new HSA review this information, then click here and log in using the last four digits of your Social Security number, your date of birth and your ZIP code. Read the statement and click “I agree” to continue. Complete the online application. Once your application is processed, you will receive a welcome kit.
If you have already opened your HSA, no additional action is necessary going into 2012.
- You can elect to make pre-tax contributions to your HSA through automatic payroll deduction. After you receive confirmation that your HSA is open, you will need to go to Employee Direct Access (EDA) to enter your contribution amount.
- You can log into EDA at any time to change your contribution to the HSA.
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If you open an HSA for 2012 (and currently don’t have one set up), you will receive a debit card to use for eligible health care expenses in 2012. |
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- Use the ACS/Mellon Direct Pay HSA online bill pay service, your ACS/Mellon debit card or personal checks to access the money in your HSA to pay for eligible
health care expenses – again, without tax. Click here for Direct Pay HSA Frequently Asked Questions.
- Any balance left in your account rolls over to the next year and you can keep building a balance to use during retirement. And remember, since the HSA is yours, you keep the entire account balance even if you change jobs or retire.
Use online tools to help you see how an HSA could work for you.
You can also
elect (through Employee Direct Access) to make your own pre-tax
contributions to your HSA – up to the annual IRS limit –
through payroll deductions. See below what you and UH can
contribute.
HSA Contributions for 2011
| When you elect: |
UH contributes: |
You can contribute: |
| Single coverage |
Up to $750 |
Up to $2,300 – plus an extra $1,000
“catch-up” if you are age 55 or older |
| Any family coverage option |
Up to $1,500 |
Up to $4,650 – plus an extra $1,000
“catch-up” if you are age 55 or older |
HSA Contributions for 2012
| When you elect: |
UH contributes: |
You can contribute: |
| Single coverage |
Up to $750 |
Up to $2,350 – plus an extra $1,000
“catch-up” if you are age 55 or older |
| Any family coverage option |
Up to $1,500 |
Up to $4,750 – plus an extra $1,000
“catch-up” if you are age 55 or older |
You can start, stop, or change your HSA contribution amount at any time during
the year through Employee Direct Access. Use the Health
Savings Account Estimator to determine how much to save
for health care expenses at retirement.
To set up a new HSA account, go to https://hsamember.com/hsaadvantage
and log in using the last four digits of your Social Security
number, your date of birth and your ZIP code. Read the statement
and click “I agree” to continue. Complete the
online application. Once your application is processed, you
will receive a welcome kit.
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