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Health Savings Account (HSA)

A Health Savings Account (HSA) is a tax-advantaged savings account that allows you to set aside money on a pre-tax basis for out-of-pocket qualified medical expenses incurred once the account is open. This account offers triple tax savings by allowing pre-tax contributions, tax-free interest and investment earnings, as well as tax-free distributions when used for qualified medical expenses. Health Savings Accounts are administered by Pay Flex for Aetna members, and HSA Bank for Excellus members.

 

Health Savings Account (HSA)

 Eligibility Requirements

Must be enrolled in YOUR HSA-Eligible Plan and meet IRS eligibility criteria (i.e. cannot be enrolled in Medicare)

Covered Expenses

An HSA allows you to save tax-free dollars to pay for out-of-pocket qualified medical expenses. For a complete list of qualified medical expenses, please refer to IRS Publication 502. 

Funding Maximums

Employees with single coverage: $3,450 per 2018 Plan Year
Employees with family coverage: $6,850 per 2018 Plan Year

Employees age 55 or older may contribute an additional $1,000 to a Health Savings Account in 2018.  

University Funded HSA

The University will provide a one-time, prorated HSA contribution of $200 individual/$400 family for full-time employees earning less than $50,000 and Residents and Fellows who enroll in the YOUR HSA-Eligible Plan and certify their eligibility to have an HSA.

Rollover

Any unused funds in the account at the end of the year will roll over to the next year.

Useful Tools

Account holders can manage their HSA, make online bill payments or transfers and more by visiting the Pay Flex or HSA Bank website.

Want to manage your account while on the go? Download the secure Pay Flex Mobile App or the secure HSA Bank Mobile App to view your account balance, view transactions, file new claims and more.

We partnered with PayFlex (Aetna) and HSA Bank (Excellus) to host two HSA educational webinars, providing an overview of HSAs, along with other valuable information regarding HSA portability, tax filing, and investment opportunities. If you were unable to participate in the webinars, but are interested in learning more about your HSA account, view the following materials from the presentations:

Need help getting started? Check out the Pay Flex Quick Reference Guide or HSA Bank Member Website Guide

Have more questions? View our Frequently Asked Questions.


Address Changes:

Moving? Employees who have a Health Savings Account with HSA Bank (Excellus) need to update their address within the HSA Bank Member Portal by clicking on Profile-> Update Profile-> Update the address-> Submit, or by calling the HSA Bank Client Assistance Center at 1-888-471-5946.