Health Savings Account (HSA)
The High Deductible Health Plan (HDHP) encourages wellness and prevention, wise spending, and health-related savings. The HSA is available in conjunction with the HDHP.
An HSA is a triple-tax-advantaged account where your contributions, account earnings, and qualified withdrawals are tax-free. It is an individual account specifically for qualified medical expenses. USU partners with HealthEquity, an industry leader in HSA administration, for this benefit. Visit Health Equity to learn more about them.
The money you contribute into your HSA is in an account controlled by you and it earns interest. It allows you to save as your budget allows so you’re prepared when those expenses come up.
HSA money belongs to you if you change medical plans, take another job, or retire. You can make tax free contributions in 2021 to your HSA up to $3,600/single or $7,200/family. This money continues to roll over each year.
Note: There may be tax implications for having multiple HSA's or other health insurance. Please contact a tax advisor or meet with the BCBS rep for more information.
*There is a $3.95 monthly administration fee for balances under $2,500.00