Indiana University’s HSA, administered by WEX, is a special tax-advantaged bank account that you and IU both contribute to. You can use it to pay for qualifying health expenses.
Understanding the health savings account (HSA)
Learn all about your HSA
What can you use your HSA for?
You can use your HSA to pay for IRS-qualified health expenses such as:
- Insurance copayments and coinsurance
- Equipment and supplies (such as first aid supplies, insulin, certain over-the-counter medications)
- Services (such as physician-ordered lab tests, hospital care, psychiatric care, physical therapy)
Expenses compensated or reimbursed by insurance are not eligible.
See a longer list of qualified expenses
You may only contribute IU’s HSA if you are enrolled in the Anthem PPO High Deductible Health Plan (Anthem PPO HDHP).
By using the untaxed dollars in your HSA, you may be able to lower your out-of-pocket health care costs.
How it works
- Once your HSA is set up with WEX they automatically issue two IU Benefit Cards in your name to your home address. If you would like additional cards, you can request them from WEX at no cost.
- Each pay period, you make pre-tax contributions to your account through payroll deduction. IU’s annual contribution is made biannually (in January and July).
- Use your HSA to pay for eligible health expenses for you or any of your eligible dependents–even if they aren’t covered on your health plan.
- Let the money in your account rollover and grow over time. Watch your money accumulate interest and increase in your account, or open an investment account through WEX and invest in a wide range of mutual funds.
WEX customer care
Get assistance from WEX by calling +1-800-284-8412 or emailing IUSupport@wexinc.com.
You can also access and manage your HSA/FSA accounts online.
The funds in your HSA account are yours to keep until you spend them. You can continue to use them for eligible health expenses even after you leave IU or retire.
HSA tax advantages
The three main tax advantages to an HSA are:
- No taxes taken on the contributions made to the account. All contributions are made on a pre-tax basis via payroll deductions.
- No taxes when the funds in the account are used for IRS-qualified health expenses.
- No tax on account interest or investment earnings.
Because this account offers tax advantages, it is regulated by the IRS. The IRS stipulates the annual contribution limits, the eligibility rules, as well as the list of eligible expenses. See sections D and E of these FAQs for more details.