Health savings account

Participants in the High Deductible Health Plan can use HSA monies to pay qualifying health care expenses for you and your tax-qualified dependents. Fees may apply for using the savings account. Optum is required under Section 326 of the USA Patriot Act to confirm some of your personal information to establish your account. 

Eligible participants can enroll, increase, decrease or stop contributions to their health savings account at any time through Workday by submitting a Change Benefits request and selecting Change HSA Contribution from the dropdown menu. HSA funds roll over from year to year.

If you misplaced or did not receive your welcome packet, enroll online. Select Open an HSA at the top of the webpage. Call Optum Bank at 866-610-4839 for any additional assistance. The group number is A04791AS. 

Key contribution and eligibility information:

• Participants cannot have any health insurance other than an HDHP to be able to contribute pre-tax dollars to their HSA.
• Participants can no longer contribute pre-tax dollars to their HSA if enrolled in Medicare part A or B.
• Participants may continue to withdraw funds from their HSA to help pay for medical expenses after enrollment in Medicare. 
• Payroll-deducted contributions are withheld on a pre-tax basis and will be effective on the first day of the pay period following submission of the change request.
• The contribution remains in effect until a new change request is received or until coverage in the High Deductible Health Plan medical plan ends.
• The annual election amount is divided by the number of biweekly pay dates in the calendar year. If effective, the first pay period that ends in January, the amount is divided by 26.
• For faculty paid more than nine months during an academic year, no contributions are made during the summer. Upon return to work during the fall, the annual election remaining balance is divided by the number of pay dates remaining in the calendar year.

Contributions limits

Annual contribution limits are established every year by the IRS based on the HSA medical option plan level of coverage. It is each participant’s responsibility to manage contributions in accordance with federal guidelines to ensure that contributions do not exceed the limits.