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Health Savings Accounts

West Virginia University (WVU) offers benefits-eligible employees two pre-tax health savings account (HSA) options as well as a limited use healthcare flexible spending account (FSA) to compliment the HSA. A health savings account (HSA) is a triple tax-advantaged account that can be used to pay for qualified medical expenses at any time, including in retirement. Unlike an FSA, the funds do not have to be spent in the plan year they are deposited; any remaining HSA balance will roll forward each year. An important advantage of an HSA is that it is owned by the employee, so if an employee leaves employment with WVU, both accounts are portable.

The WVU plan year runs July 1 through June 30.

Before you consider your options, please review the Qualifying for an HSA requirements:

  • You are covered under a high deductible health plan (HDHP), for WVU employees that means PEIA PPB Plan C ;
  • You have no other health coverage;
  • You are not enrolled in Medicare; and
  • You are not claimed as a dependent on someone else’s tax return.

Option 1: TIAA HSA

Provider: HealthyEquity

  • Prerequisite: Must be enrolled in PEIA PPB Plan C high deductible health plan (HDHP)
  • Eligible expenses: Medical expenses that may not be covered by your insurance plan, incurred by you, your spouse, a qualifying relative or child.
  • Maximum annual contribution amount: IRS Contribution Limits
    • Contributions accumulate per pay and only the amount in your account to date is what's available to use.
    • Balance rolls over year to year.
  • Contributions: Contributions are calculated by total contribution amount for the plan year divided by amount of pays. Contributions are deducted via payroll, pre-tax.
  • Administration Fee: $2.00 per month deducted automatically from the HSA account.
    • Members are encouraged to sign up for e-delivery of their monthly statements from HealthEquity. Those not signed up for e-delivery will be charged $1.50 for each monthly statement. To avoid the monthly statement fee, sign up for e-delivery.
  • How it works: Employee uses HealthEquity debit card to pay for eligible expenses or files a claim for reimbursement (direct deposit available).
  • The TIAA advantages: HSA funds are deposited into one of two interest-bearing cash accounts with HealthEquity. Once the balance in one of the cash account options is $1,000 or more, employees can begin allocating HSA contributions to the TIAA HSA investment menu.
  • Enrollment and Changes: Employees may enroll and/or change their contribution amounts at any time.
  • Additional Resources:

Option 2: Mountaineer Flexible Benefits HSA

Provider: Inspira Financial

  • Prerequisite: must be enrolled in PEIA PPB Plan C high deductible health plan (HDHP)
  • Eligible expenses: Medical expenses that may not be covered by your insurance plan, incurred by you, your spouse, a qualifying relative or child.
  • Maximum annual contribution amount: IRS Contribution Limits
    • Contributions accumulated per pay and only the amount in your account to date is what's available to use.
    • Balance rolls over year to year.
  • Contributions: Contributions are calculated by total contribution amount for the plan year divided by amount of pays. Contributions are payroll deducted pre-tax.
  • How it works: Employee uses HealthEquity debit card to pay for eligible expenses or files a claim for reimbursement (direct deposit available).
  • Custodian Fee: $2.50 per month.
  • Enrollment and Changes: Employees may enroll and/or change their contribution amounts at any time.
  • Additional Resources:

Additional Savings: Mountaineer Flexible Benefits LIMITED Healthcare FSA

Provider: Inspira Financial

  • Prerequisite: must be enrolled in one of the above HSAs
  • Eligible expenses: Dental and vision expenses only for employee, spouse, qualifying child or relative.
  • Minimum annual contribution amount: IRS Contribution Limits
  • Maximum annual contribution amount: IRS Contribution Limits
    • Full contribution amount for the fiscal year is available at the beginning of the plan year, July 1.
    • Grace period of 120 days after plan year ends.
  • Contributions: Contributions are calculated by total contribution amount for the plan year divided by amount of pays. Contributions are payroll deducted pre-tax.
  • How it works: Employee uses Inspira debit card to pay for eligible expenses or files a claim for reimbursement (direct deposit available).
  • The advantages: Designed specifically for employees who wish to take advantage of an HSA while continuing to enjoy the tax savings expected from an FSA.
  • Enrollment: Employees may enroll the month of hire or during the two following months or during the annual open enrollment period.
  • Additional Resources: