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.
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:
What are the advantages of an HSA?
The main advantages to an HSA are:
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.
Learn more in the FAQs below.
How much does IU contribute to my HSA?
When enrolled in the Anthem PPO HDHP:
When enrolled in the IU Health HDHP:
Below are answers to the most frequently asked questions regarding the Health Savings Account.
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.
The IRS Maximum is the combination of all contributions made to the account (IU’s Contribution, Employee’s Contributions, etc.).
2018 IRS Maximums:
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).
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.
Once contributions are made to your account, you can access your funds in several different ways:
* Special rules apply to the use of the IU Benefit debit/Visa card when enrolled in both the HSA and the TSB Healthcare account.
Submit the HSA Enrollment/Change Form (PDF) to IU Human Resources to change or stop your HSA contributions at any time during the year.
Open Enrollment Help – IU Human Resources
Page updated: October 2017
IU Human Resources
Poplars E165, 400 E. 7th St., Bloomington, IN 47405