Enrollment in the following take place during the first 30 days of hire: medical and dental plans, IU Tax Saver Benefit plan, and Personal Accident Insurance. Changes thereafter can only be made during an annual Open Enrollment period each November, except when one has a family status change.
- Common family status events include marriage, divorce, birth of a child, and loss of a spouse's medical coverage in a separate medical plan.
- Employees who have an IRS-qualified family status change can make mid-year changes under the law, but only within 30 days of the event.
- To add or remove a family member from coverage, visit hr.iu.edu/bcc.
Important note about newborns
For medical plans, newborns are automatically covered for the first 31 days of life. To continue coverage the newborn must be added within 30 days of birth even when Employee/Spouse or Family coverage has already been elected.
|HDHP PPO & HSA Plan enrollees
Enrollees who experience a family status change may want to increase or decrease the HSA contribution to reflect their new status. Note, however, contributions can be changed at any time—a status change is not necessary.
For FY 2013/2014, Indiana University has budgeted $212.7 million for employee medical plan expenses—a 7.5 percent or $14.9 million increase over the prior fiscal year. When added to expenses for other benefit programs, the total Benefits Payroll Tax equals 43.72 percent for Academic and Professional Staff and 43.25 percent for Support and Service Staff, with health care being the largest item at 19.87 percent.
Indiana University will also spend $18.8 million on healthcare coverage for two other employee groups: Medical Residents and Graduate Assistants. Employees will contribute more than $20 million toward plan premiums, and will pay co-pays and deductibles.
In addition to using the HSA to save funds for large, unexpected, and retirement-related healthcare expenses (e.g., Medicare B or D premiums), it makes sense to also use the HSA to pay existing expenses. Employees enrolled in the HDHP PPO & HSA Plan can use HSA pre-tax dollars to pay for out-of-pocket health expenses like deductibles and co-insurance as well as expenses not covered by medical plans (vision wear, dental, over-the-counter medicines and supplies, etc.).
Once contributions are made to the HSA account, there are several different ways to access funds:
- Use the HSA Debit/Visa card at retail locations. Use the card at doctors' offices, pharmacies and other locations where debit/VISA cards are accepted.
- Use the HSA to pay bills online. After receiving a provider's bill, pay healthcare bills online. Enroll in the Online Bill Payment feature, set up payees and schedule one-time or repeating payments. Account holders can even send themselves a reimbursement.
- Use the HSA Debit/Visa card at an ATM. Immediately get cash or self-reimburse for qualified medical expenses by using the HSA debit card at participating ATMs. No claim forms are required, but always retain the receipts for qualified medical expense transactions for tax purposes.
- Use the Transfer feature of the HSA to self-reimburse. Account holders can reimburse themselves for healthcare bills paid out of another account or with cash. Enroll in the Online Transfer feature, set up the transfer account, and send one-time or repeating payments.
- Write a check from the HSA. For an additional fee, account holders can purchase a checkbook from Chase to access funds in the HSA.
TIP: Access www.chasehsa.com from a Smartphone for helpful information such as locations of Chase ATMs and lists of qualified expenses including over-the-counter medicines.
Name an HSA Beneficiary
It's important to name an HSA beneficiary in the event of one's death. The beneficiary can be changed at any time. If a spouse is the beneficiary, the spouse can convert the account to her/his name; will not have to pay any taxes; and can use the money in the HSA in accordance with HSA rules. If the HSA beneficiary is not a spouse, the HSA is closed and the value of the account is taxable income to the recipient. If a beneficiary is not designated, the value of the HSA is paid to the accountholder's estate and taxed.
TIP: To name a beneficiary, log into www.chasehsa.com, select My Account, then Beneficiaries from the Features drop-down box.