Page 13 - 2018 SLU New Hire Guide
P. 13
Saint Louis University
Health Savings Account HSA Major Benefits
(HSA) X Funds always belong to you (even
if you leave/retire)
An HSA is a tax-favored savings account which works in conjunction X Funds always rollover to use the
with your health plan coverage. If you enroll in the QHDHP medical plan following year (no “use it or lose
and meet all eligibility requirements set by the IRS, you may contribute to it” provision)
an HSA account. X Your contribution lowers your
taxable income
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 HSA Triple Tax Savings
pay out-of-pocket with cash or another bank account, you can reimburse X Tax-free deductions when you
yourself from the HSA at a later date when the funds are available. contribute to your account
If you newly enroll in the QHDHP, you must actively open your HSA X Tax-free earnings through
investment opportunities
account. Your HSA is administered through Optum Bank; a link to open
this account can be found on the SLU Beneits website. X Tax-free withdrawals for qualiied
medical expenses
SLU Contributes to Your HSA!
Saint Louis University’s HSA is administered through Optum Bank. SLU
contributes money into your HSA account, called seed money, based
on the tier of medical coverage you elect if you create an HSA account
through Optum Bank within 31 days.
X Individual coverage—$250
X Family coverage—$500
Please note the annual IRS contribution maximum is a combined
employer + employee maximum.
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Health Savings Account HSA Major Benefits
(HSA) X Funds always belong to you (even
if you leave/retire)
An HSA is a tax-favored savings account which works in conjunction X Funds always rollover to use the
with your health plan coverage. If you enroll in the QHDHP medical plan following year (no “use it or lose
and meet all eligibility requirements set by the IRS, you may contribute to it” provision)
an HSA account. X Your contribution lowers your
taxable income
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 HSA Triple Tax Savings
pay out-of-pocket with cash or another bank account, you can reimburse X Tax-free deductions when you
yourself from the HSA at a later date when the funds are available. contribute to your account
If you newly enroll in the QHDHP, you must actively open your HSA X Tax-free earnings through
investment opportunities
account. Your HSA is administered through Optum Bank; a link to open
this account can be found on the SLU Beneits website. X Tax-free withdrawals for qualiied
medical expenses
SLU Contributes to Your HSA!
Saint Louis University’s HSA is administered through Optum Bank. SLU
contributes money into your HSA account, called seed money, based
on the tier of medical coverage you elect if you create an HSA account
through Optum Bank within 31 days.
X Individual coverage—$250
X Family coverage—$500
Please note the annual IRS contribution maximum is a combined
employer + employee maximum.
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