Important change being made to university's Health Savings Account plan

by Michelle Saport  |   

If you have a current Health Savings Account (HSA), please read this to learn of an important change being made to the University's HSA plan.

Since July 1, 2013, the university's HSA has been set up like the health plan and the Flexible Spending Account (FSA) with a fiscal plan year. To make it easier to manage your HSA, we're moving the plan to a calendar year plan in 2018. This will help you know exactly how much you're contributing on a calendar year basis, making it easier to manage your taxes and avoid problems with over-contributing to the account.

Now you can manage your HSA like you manage your voluntary 403(b) account (also known as the TDA), by telling us how much to take out each pay period up to your desired goal amount.

What's changing: At the end of December, we'll be converting our HSA to a calendar-year plan. The goal amount you elected during open enrollment last spring (or at the time of hire if hired since July 1) will remain in effect until you submit a request to change it. The new 2018 Calendar Year HSA form is found here. You determine the amount deducted from each paycheck, up to your desired goal amount.

The 2018 HSA limits will increase to $3,450 for an individual, and $6,900 for family coverage. The age 55 catch-up is staying at $1,000 per year, and remember you can claim the catch-up if you turn 55 at any time during 2018.

What do you need to do: If you'd like to change your current HSA deduction for 2018, please have your form submitted to your regional HR office no later than Dec. 15. If you don't turn in a new form, your current bi-weekly deduction will continue to the goal amount in 2018.

More information on the HSA can be found on the UA benefits website.

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