Page 13 - 2018 SLU Enrollment
P. 13
Saint Louis University
Health Savings Account (HSA)
An HSA is a tax-favored savings account which works in conjunction with
your health plan coverage. If you enroll in the QHDHP medical plan and
meet all eligibility requirements set by the IRS, you may contribute to an HSA
account. Please note, 2017 elections do not carryover to 2018. You must make
a new election each year.
An HSA is similar to a checking account; you must have money in the
account in order to use it. If you don’t have funds in your HSA and must pay
out-of-pocket with cash or another bank account, you can reimburse yourself
from the HSA at a later date when the funds are available.
HSA Major Benefits
X Funds always belong to you (even if you leave/retire)
X Funds always rollover to use the following year (no “use it or lose it”
provision)
X Your contribution lowers your taxable income
HSA Triple Tax Savings
X Tax-free deductions when you contribute to your account
X Tax-free earnings through investment opportunities
X Tax-free withdrawals for qualiied medical expenses
2018 HSA Funding Limits
Coverage Level Limit
Individual Coverage $3,450
Family Coverage $6,900
Age 55 or Older Additional $1,000
SLU Contributes to Your HSA!
Saint Louis University’s HSA is administered throu3gh Optum Bank. SLU will continue
to contribute money into your Optum Bank administered HSA account, called seed
money, based on the tier of medical coverage you elect. In 2018, SLU will contribute
the amounts listed below so long as you re-enroll during open enrollment and
establish your Optum Bank HSA if newly enrolled.
X Individual coverage—$250 X Family coverage—$500
13
Health Savings Account (HSA)
An HSA is a tax-favored savings account which works in conjunction with
your health plan coverage. If you enroll in the QHDHP medical plan and
meet all eligibility requirements set by the IRS, you may contribute to an HSA
account. Please note, 2017 elections do not carryover to 2018. You must make
a new election each year.
An HSA is similar to a checking account; you must have money in the
account in order to use it. If you don’t have funds in your HSA and must pay
out-of-pocket with cash or another bank account, you can reimburse yourself
from the HSA at a later date when the funds are available.
HSA Major Benefits
X Funds always belong to you (even if you leave/retire)
X Funds always rollover to use the following year (no “use it or lose it”
provision)
X Your contribution lowers your taxable income
HSA Triple Tax Savings
X Tax-free deductions when you contribute to your account
X Tax-free earnings through investment opportunities
X Tax-free withdrawals for qualiied medical expenses
2018 HSA Funding Limits
Coverage Level Limit
Individual Coverage $3,450
Family Coverage $6,900
Age 55 or Older Additional $1,000
SLU Contributes to Your HSA!
Saint Louis University’s HSA is administered throu3gh Optum Bank. SLU will continue
to contribute money into your Optum Bank administered HSA account, called seed
money, based on the tier of medical coverage you elect. In 2018, SLU will contribute
the amounts listed below so long as you re-enroll during open enrollment and
establish your Optum Bank HSA if newly enrolled.
X Individual coverage—$250 X Family coverage—$500
13
