Health Savings Accounts
A HSA is a tax-free account that can be used to pay health care expenses. Unlike a Flexible Spending Account (FSA), the funds do not have to be spent in the plan year they are deposited. An important advantage or 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 an HSA through Mountaineer Flexible Benefits. Employees may make pre-tax contributions to their HSA account. Individuals with:
- Single Coverage may contribute up to $3, 400 per year.
- Family Coverage may contribute up to $6,750 per year
- Over age 55 may make additional $1000 “catch-up” contributions per year.
HSA funds are held in an interest-bearing checking account with PayFlex.
HSA funds were previously held by Synovus. To close a Synovus account and transfer funds to PayFlex, call 877-367-4472.
- 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.