2017 Health Savings Account

The Health Savings Account (HSA), administered by The Nyhart Company, is a special tax-advantaged bank account that can be used to pay for IRS-qualified health expenses for you, your spouse, and your tax dependents. You can open an HSA only if you are enrolled in the Anthem PPO HDHP or IU Health HDHP plan.

Top FAQs Resources & Forms Customer Service Access My HSA

HSA Details

Am I eligible for an HSA?

When you elect the Anthem PPO HDHP or IU Health HDHP, you are also eligible to elect an HSA. In order to be eligible to qualify for an HSA, you must meet the following requirements:

  • You must be covered under a high deductible health plan (HDHP)
  • You have no other medical coverage
  • You are not enrolled in Medicare
  • You are not listed as a dependent on someone else's tax return
  • You 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 other medical coverage other than an IRS-qualified high deductible health plan. See the FAQs below for more information.

What are the advantages of an HSA?

The main advantages to an HSA are:

  • All contributions go into your HSA before taxes are withheld.
  • The money you withdraw is not subject to taxes as long as you use it to pay for eligible healthcare expenses.
  • You can change your contribution any time during the year.
  • The balance rolls over year-to-year, even if you leave the university.
  • No claims forms to submit – just use your IU Benefit Card to pay for services.
Once your account is set-up with Nyhart you will automatically be issued two debit cards. The cards are attached to your HSA account and may be used to pay for services at any qualified healthcare provider.

How much can I contribute to my HSA?

You are required to make a minimum $300 annual contribution through payroll deductions on a pre-tax basis. You can make additional contributions up to the IRS-allowed maximum.

IRS Annual Maximums:

  • $3,400 for employee-only coverage level
  • $6,750 for all other coverage levels (employee w/spouse, employee w/child(ren), or family) 
  • $1,000 catch up contribution for those who turn or are already 55+ in 2017

Learn more in the FAQs below.

How much does IU contribute to my HSA?

When enrolled in the Anthem PPO HDHP:

  • $1,300 for employee-only coverage
  • $2,600 for all other coverage levels

When enrolled in the IU Health HDHP:

  • $1,600 for employee-only coverage
  • $3,200 for all other coverage levels

 

Top Frequently Asked Questions

Below are answers to the most frequently asked questions regarding the Health Savings Account.

Can I enroll in both the TSB Healthcare Account and the HSA?

Yes, however, when you are enrolled in both accounts, your TSB funds can only be used for dental and vision expenses until the HDHP deductible has been met for the year. Once the deductible is met for the year, the funds in the TSB can be then used for medical and prescription expenses.

Also, when you are enrolled in both accounts, your IU Benefits Card will be a “stacked card.” This means that when you use the card at a medical or pharmacy provider, the card will automatically draw from the HSA account. When used at a dental or vision provider, the card will automatically draw from TSB funds first, then the HSA once TSB funds have been exhausted.

What is the maximum I can contribute to my HSA?

The IRS Maximum is the combination of all contributions made to the account (IU’s Contribution, Employee’s Contributions, etc.).

2017 IRS Maximums:

  • $3,400 for employee-only coverage level
  • $6,750 for all other coverage levels (employee w/spouse, employee w/child(ren), or family)

If you are 55 or older, you can also make “catch-up” contributions ($1,000 additional annual contribution). The maximums can be affected by a spouse’s HSA contributions, Archer MSA contributions, and/or the number of months you are covered under an HDHP. Details on the calculation of the IRS prorated maximum can be found in IRS publication 969 (PDF).

What type of health expenses can I use HSA funds for?

After you open an HSA, you can use funds to pay for covered expenses that apply toward the HDHP annual deductible and coinsurance costs (e.g. medical services, prescriptions, mental health services, etc). You can also pay for qualified health expenses that your health plan might not cover, such as vision care (eyeglasses and contact lenses), dental and orthodontic services. Detailed information about qualified expenses can be found on Nyhart’s Expense Eligibility Table, in IRS Publication 502 (PDF), or by contacting Nyhart.

How do I access the funds in my HSA?

Once contributions are made to the HSA account, funds can be accessed in several different ways:

  • Use the IU Benefit Debit/Visa card at Retail locations*. Pay immediately by swiping your debit/Visa card at your provider’s office or write the debit/Visa card number on the provider’s bill and return to your provider.
  • Make an HSA Distribution online. Click on the Make HSA Transaction button on the Welcome page
    • Send yourself one-time or repeating checks to reimburse yourself for healthcare bills that you paid out of another account or with cash
    • Send a payment to a provider directly from your account
    • Transfer funds directly from your HSA account to a personal bank account

*Special rules apply to the use of the IU Benefit debit/Visa card when enrolled in both the HSA and the TSB Healthcare Reimbursement accounts.

How do I change my HSA contribution?

Submit the HSA Enrollment/Change Form (PDF) to IU Human Resources to change or stop your HSA contributions at any time during the year.

More HSA FAQs

Customer Service Contacts

The Nyhart Company
800-284-8412

iu.nyhart.com

IU Human Resources
812-856-1234

Resources & Forms Access My HSA