University Human Resources
2014 Health Savings Account
On a different page: HDHP PPO
Log onto existing HSA account or create a new one at Chase HSA Online
Watch this tutorial of how to manage the Chase HSA Account
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.
- IU Contribution: The university makes a $1,250 contribution to the savings account for employee-only coverage and $2,500 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.
- Employee Contribution: 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 2014 is $3,300 for employee-only and $6,550 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.
- Investments: 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 health 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 HSA Plan, the TSB account can only be used for dental and vision expenses before the HDHP deductible is met. After the deductible is satisfied, the TSB account can be used for all IRS-qualified healthcare 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.
- Review the HSA Custodial Account Agreement (PDF) and Fee Schedule (PDF).
- Review a list of eligible HSA expenses (PDF).
- Review IRS Publications.
In addition to the university’s eligibility requirements, the IRS has other enrollment requirements. In order for Chase to open an HSA, you 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;
In order to be eligible for tax-free contributions into an HSA, the IRS requires that you have:
- no medical coverage, as an employee or spouse, other than an IRS-qualified high deductible plan. You may have certain IRS-allowed insurance, e.g., dental, vision, accident/disability, long-term care, per diem hospitalization, or specific disease coverage;
You are disqualified if:
- You are here on a J-1 Visa.
- Your spouse* covers you on an IU plan or another employer’s medical plan unless it is also a high deductible plan. (You are still eligible if your spouse has other medical coverage, but you cannot be covered on his/her plan and be eligible for tax-free HSA contributions.)
- Your spouse* has a Health Reimbursement Account (HRA) or flexible spending account (FSA) that is unrestricted, and the account could be used to cover your HDHP deductible.
- You are covered by 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.
- You are eligible to be claimed as a dependent on anyone else’s tax return.
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.