Health Savings Account
On a different page: HDHP PPO
Log onto existing HSA account or create a new one at Chase HSA Online
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Watch these short slide presentations to get the most out of the Plan
- Enrolling in the HDHP PPO & HSA Plan during Open Enrollment authorizes JP Morgan Chase to open a health savings account in the employee's name.
- The university makes a $1,200 contribution to the savings account for employee-only coverage and $2,400 when one or more family members are covered.
- Newly eligible employees whose effective date of HDHP PPO & HSA enrollment is prior to September 1 will receive the full annual University contribution. On or after September 1, no University contribution will be made for the plan year.
- The employee makes a $300 required minimum contribution through payroll deductions and decides whether to make additional contributions up to the IRS-allowed maximum.
- The maximum annual contribution (IU contribution plus the employee contribution) for 2012 is $3,100 for employee-only and $6,250 for those who cover one or more family members.
- Employees age 55 or older are allowed “catch-up” contributions up to an additional $1,000 annually.
- Maximum contributions can be affected by partial year HDHP coverage, a spouse’s HSA contributions, and Archer MSA contributions. See Q&As or IRS Publication 969.
- An array of investment options are available for balances of $1,000 or more.
- Contributions and interest/investment earnings on the account can be used tax-free for medical expenses.
- The account is owned by the employee and any account balance rolls over from year to year, even when an employee leaves the university.
- When enrolled in the HDHP PPO & HSA Plan, the TSB account can only be used for dental and vision expenses before the HSA deductible is met. After the deductible is satisfied, the TSB account can be used for all IRS-qualified healthcare expenses.
In addition to the university’s eligibility requirements, the IRS has other enrollment requirements. The employee must:
- be a U.S. citizen or resident alien age 18 or older with a U.S. address (not a PO Box);
- have a valid Social Security Number;
- have no other health coverage, as an employee or as a dependent, other than an HDHP. Coverage that makes the employee ineligible includes a spouse's employer medical coverage, TSB or Healthcare Flexible Spending Account (FSA), or Health Reimbursement Account (HRA) that covers the IU employee. (The employee may have certain IRS-allowed insurance, e.g., dental, vision, accident/disability, long-term care, per diem hospitalization, or specific disease coverage);
- not be enrolled in a government-sponsored medical benefit such as Medicare Part A, B or D (those eligible but not enrolled still qualify); TRICARE, or have received VA medical services within the previous 3 months; and
- not be eligible to be claimed as a dependent on anyone else’s tax return.
Note: Domestic partners are eligible to be covered under an employee’s HDHP; however, in accordance with IRS regulations, the university’s savings account family contribution does not apply to a domestic partner that is not the employee’s tax dependent and tax-free distributions cannot be made from the health savings account for the partner’s health expenses.
- Change your contribution during the year by completing the Health Savings Contribution Change Form (PDF).
- Contact JP Morgan Chase HSA Member Services at 1-866-566-7101 or visit the Chase HSA Online Services site.