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University Human Resources

2014 Health Savings Account

NOTICE!If you enroll in the Health Savings Plan (HSA) or change your HDHP coverage level effective September 1, 2014 or later, you will not receive an IU Contribution to your HSA for the remainder of this calendar year.

If you elect to participate in the HSA plan, you will still be required to make the minimum contribution of $300 to your HSA. The $300 employee contribution will be divided over your remaining paychecks in the calendar year. Depending on how many paychecks are remaining in the calendar year the deduction(s) taken from your checks may be significant. For example, if you are paid Bi-Weekly and your HSA enrollment was effective October 1, 2014, you would have 5 remaining paychecks in the calendar year. Your HSA contribution would be $60 per paycheck.

 

On this page: Highlights| Things you can do | IRS Qualifying Requirements

On a different page: HDHP PPO

Health Savings Account (HSA) Highlights

Download the HDHP brochure
Log onto existing HSA account or create a new one at Chase HSA Online
Download the HDHP brochure
Watch this tutorial of how to manage the Chase HSA Account
Download the HDHP brochure
Watch these short slide presentations to get the most out of the Plan

Enrolling in the HDHP PPO & HSA Plan authorizes JP Morgan Chase to open a health savings account in the employee's name.


Things you can do…


IRS Qualifying Requirements

In addition to the university’s eligibility requirements, the IRS has other enrollment requirements. In order for Chase to open an HSA, you must:

In order to be eligible for tax-free contributions into an HSA, the IRS requires that you have:

You are disqualified if:

If you are ineligible for tax-free contributions, you can waive the HSA portion of the plan and be enrolled only in the HDHP plan.  If you are ineligible, and elect the HSA, you are responsible for reporting the ineligible HSA contributions on your annual tax return. Consulting a tax advisor about reporting ineligible contributions is advised. 

* A spouse means one by marriage, either opposite-sex or same-sex, legally entered into in one of the 50 states, the District of Columbia, or a U.S. territory or a foreign country.  Spouses qualify for preferential federal tax treatment of health care benefits, but may not qualify for preferential state tax treatment depending on their state of residency.  In order to correctly apply state taxes, a same-sex spouse must be registered with the University.

Note: While Domestic partners and their children are eligible for IU-sponsored health care plan coverage, registered domestic partnerships, civil unions or similar formal relationships recognized under state law are not recognized by the IRS for preferential tax treatment.  HSA funds cannot be used for the domestic partner's health expenses unless they qualify as the employee's tax dependent or spouse.


HDHP PPO information
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Page updated: 25 August 2014
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