Page 7 - 2018 USI Enrollment
P. 7
University of Southern Indiana
Health Savings Account (HSA)You are Eligible to
What is a Health Savings Account? Open a Health Savings
Account if
An HSA is a tax-favored account you can use to pay for eligible current X You are enrolled in an HSA plan
and future healthcare expenses with tax-free dollars. You must enroll in the (qualiied high deductible health
HSA plan to be eligible to open a health savings bank account. There is no plan)
use it or lose it rule. Any unused money will remain in your HSA for future X You are not covered by your
use. spouse’s health plan, any other
health plan, or lexible spending
USI does not own the account. You own the account. If you leave, you account
keep the funds. You may choose to make contributions to your HSA on a X You are not eligible to be claimed
pre-tax basis. as a dependent on someone
else’s tax return
Funds may be withdrawn at any time to pay for qualiied medical expenses
tax-free for most medical, dental, and vision care. For a complete list of X You are not enrolled in Medicare,
TRICARE, or TRICARE for Life
eligible expenses, please refer to IRS Publication 502 at irs.gov.
X You have not received veterans
HSA expenses can be incurred by you, your spouse, and dependents administration beneits in the past
claimed on your personal tax return even if the dependents are not 3 months
enrolled in the HSA plan.
Funding Your Account
You may contribute up to the annual IRS limits. It’s important to account
for the contributions from USI to ensure, between your contributions and
the university’s contributions, you do not go over the IRS limit.
Contribution
Coverage Tier
IRS Annual Limit USI* Your Maximum**
Employee $3,450 $750 $2,700
Employee + Dependent $6,900 $1,500 $5,400
USI contributions will be made only to your Health Savings Account through The HSA Authority. If
you leave the university, you may not receive all employer contributions for the year.
* USI will contribute seed money at the beginning of each year of $282 for employee-only
coverage or $525 for employee + dependent coverage. The remaining contributions from USI
are deposited to your account per pay period.
** Individuals age 55 and older or individuals who reach age 55 by December 31, 2018 can make
a catch-up contribution of up to $1,000.
7
Health Savings Account (HSA)You are Eligible to
What is a Health Savings Account? Open a Health Savings
Account if
An HSA is a tax-favored account you can use to pay for eligible current X You are enrolled in an HSA plan
and future healthcare expenses with tax-free dollars. You must enroll in the (qualiied high deductible health
HSA plan to be eligible to open a health savings bank account. There is no plan)
use it or lose it rule. Any unused money will remain in your HSA for future X You are not covered by your
use. spouse’s health plan, any other
health plan, or lexible spending
USI does not own the account. You own the account. If you leave, you account
keep the funds. You may choose to make contributions to your HSA on a X You are not eligible to be claimed
pre-tax basis. as a dependent on someone
else’s tax return
Funds may be withdrawn at any time to pay for qualiied medical expenses
tax-free for most medical, dental, and vision care. For a complete list of X You are not enrolled in Medicare,
TRICARE, or TRICARE for Life
eligible expenses, please refer to IRS Publication 502 at irs.gov.
X You have not received veterans
HSA expenses can be incurred by you, your spouse, and dependents administration beneits in the past
claimed on your personal tax return even if the dependents are not 3 months
enrolled in the HSA plan.
Funding Your Account
You may contribute up to the annual IRS limits. It’s important to account
for the contributions from USI to ensure, between your contributions and
the university’s contributions, you do not go over the IRS limit.
Contribution
Coverage Tier
IRS Annual Limit USI* Your Maximum**
Employee $3,450 $750 $2,700
Employee + Dependent $6,900 $1,500 $5,400
USI contributions will be made only to your Health Savings Account through The HSA Authority. If
you leave the university, you may not receive all employer contributions for the year.
* USI will contribute seed money at the beginning of each year of $282 for employee-only
coverage or $525 for employee + dependent coverage. The remaining contributions from USI
are deposited to your account per pay period.
** Individuals age 55 and older or individuals who reach age 55 by December 31, 2018 can make
a catch-up contribution of up to $1,000.
7
