Health Savings Account Information
Employees enrolled in the university’s Consumer Driven Health Plan (CDHP) are also enrolled in a Health Savings Account (HSA) as long as the employee meets eligibility. EKU contributes to the employee’s account each paycheck. Employees may also contribute to this account on a pre-tax basis up to the maximum contribution set by the IRS each year. Please see the current Employee Benefits Guide for specific information on EKU contributions and IRS maximums. It is the responsibility of the member to determine whether contributions to the account have exceeded the maximum annual contribution limit.
EKU’s Health Savings Account is administered by HealthEquity. When you enroll, you will receive a Welcome Kit from HealthEquity including a debit card that must be activated.
Advantages to a Health Savings Account:
- Use it to pay for qualified health, dental, and vision expenses
- Reduces your taxable income
- Funds rollover year to year
- Funds stay with you even if you change employers or stop working
- As your balance grows you may invest it to yield tax-free earnings
You are NOT eligible for an HSA if:
- You are claimed as a tax dependent on any other person’s tax return.
- You are enrolled in Tricare, Medicare or Medicaid.
- Your care is covered by a health plan that is not an eligible high deductible health plan.
- You or your spouse are enrolled in a full flexible spending account (FSA). (You may be enrolled in a limited flexible spending account for dental and vision expenses only.)
- You or your spouse are covered by a Health Reimbursement Arrangement (HRA) that provides you with benefits before you have met the IRS minimum deductible for the year. Please consult your tax advisor if you or your spouse have a general purpose HRA.