Payroll and Employee Benifits

Health Savings Accounts

Health Savings Accounts (HSAs) were created by Public Law 108-173, the "Medicare Prescription Drug, Improvement and Modernization Act of 2003." Health Savings Accounts have changed the way millions meet their health care needs because they are designed to help individuals save for qualified medical and retiree health expenses on a tax-advantaged basis. Any adult who is covered by a high-deductible health plan (and has no other first-dollar coverage) may establish an HSA.

Amounts contributed to an HSA belong to the account holder and are completely portable. Funds in the account can grow tax-free through investment earnings, just like an IRA. Funds distributed from the HSA are not taxed if they are used to pay qualified medical expenses. Unlike amounts in Flexible Spending Arrangements that are forfeited if not used by the end of the year, unused funds remain available for use in later years.

Steps for Setting Up an HSA with HSA Bank to Receive the University's Contribution  (PDF)

HSA Bank Information   

FAQ's Regarding HSA Bank and the University Contribution

ACS/Mellon HSA Solution Information   

  

Coming soon!  Information regarding HRAs (Health Reimbursement Arrangement).

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