Health Savings Accounts
A health savings account (HSA) is a tax-free account that can be used to pay health care expenses at any time, including in retirement. Unlike a Flexible Spending Account (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 you leave employment with WVU you can take the account with you.
Only WVU employees who have enrolled as primary policyholder in PEIA Plan C (high-deductible plan) are eligible to enroll in a HSA. Employees may make pre-tax contributions to their HSA.
Employees have the option of selecting one of two Health Savings Accounts vendors:
- TIAA HSA administered by Health Equity
- Mountaineer Flexible Benefits (FBMC) in partnership with PayFlex
- Single Coverage may contribute up to $3,850 per year.
- Family Coverage may contribute up to $7,750 per year.
- Over age 55 may make additional $1000 “catch-up” contributions per year.
Qualifying for an HSA
- You are covered under a high deductible health plan (HDHP), which for WVU employees means PEIA PPB Plan C;
- You have no other health coverage;
- You aren’t enrolled in Medicare; and
- You are not claimed as a dependent on someone else’s tax return.
Option 1: TIAA HSA administered by HealthEquity
- How HSAs work
- Consider Opening a TIAA Health Savings Account
- TIAA HSA Online Resources
- TIAA HSA Reimbursement Form
- TIAA Tri-fold brochure
- TIAA FAQs
- TIAA HSA Fee Schedule
- Medicare and your HSA
- Using your HSA for qualifying medical expenses
- Transferring your HSA
- TIAA HSA Investment Menu
Option 2: Mountaineer Flexible Benefits (PayFlex)
HSA funds are held in an interest-bearing checking account with PayFlex.
PayFlex Enrollment Form- PayFlex Health Savings Account (HSA) Quick Reference Guide
- PayFlex Health Savings Account (HSA) Transfer Request Form
-
PayFlex Health Savings Account (HSA) Welcome Letter
Limited Health Care FSA (LPFSA)
(for HSA participants only)
A Limited Health Care FSA is designed specifically for employees who wish to take advantage of a Heath Savings Account (HSA) while continuing to enjoy the tax savings expected from an FSA. Much like a Medical FSA, funds are set aside from your salary before taxes are deducted, allowing you to pay your eligible expenses tax free. However, the funds in a Limited Health Care FSA can only be used for dental and vision expenses.