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The HSA is an employee-owned bank account that allows you to set aside pre-tax dollars to spend on medical, dental, and vision expenses. This tax-advantaged account is a triple-threat - save taxes when you contribute to the account, the account can grow tax free (including investments in the market), and save taxes when you spend from the account on qualified expenses.

Employees who are enrolled in a qualified health plan can open and contribute to an HSA. At Å®Óźϼ¯, our qualified plan is the HDHP. There are many nuances with the HSA and we encourage employees to fully understand their eligibility before opening the account. More information on plan compatibility can be found on our HSA webpage.

Since this account has a triple tax-advantage, the IRS regulates who can open and contribute to an account. These accounts must be combined with an IRS-qualified health plan.

The IRS requires that an identity verification be completed prior to your account receiving funds. The identify verification process will be sent to your mailing address on file with Å®Óźϼ¯ when you initially enroll in the HSA. Please complete this as soon as possible. Delays in completing the identity verification process will result in all funds being returned to you and your account closed.

Contributions will start for your HSA on the first of the month following enrollment in a qualified plan. This means if you enroll in the HDHP with Å®Óźϼ¯ on the 15th of the month, your HSA will begin on the 1st of the month immediately following.

Keep in mind that Å®Óźϼ¯ pays on a biweekly schedule, two weeks in arrears. This means that if your contributions are made with the 1st of the month, you will not see the deposit until the end of the month. This is because Å®Óźϼ¯ has a two week pay period, followed by a two week processing period before pay is disbursed. Review the to see the days within a pay period and when that pay period will have payment disbursed.

Anytime. Changes to the HSA are not limited to life events. You can start, stop, or change your HSA at any time as long as you are otherwise eligible at the time you are requesting the update. 

Yes. The IRS limits who can contribute to the account but does not limit when the funds can be used. Be sure to use the funds on eligible medical purchases.

You. The HSA is a bank account. All funds deposited are property of the employee.

You. The university does not make any contributions to the HSA.

You can use the HSA to reimburse yourself (or directly purchase) qualified medical expenses. These could include copays, some over-the-counter medications, prescriptions, prescription eye wear, and more! The is a great resource to review qualified expenses and even make purchases.

Yes. You can upload a digital copy of your receipt via the Bank of America mobile app for safe-keeping. You need to be able to substantiate the charges against the account in case the IRS requests this information.

Yes. Once you reach a $1,000 threshold in your HSA, you can begin to invest funds in the market. 

The maximum contribution is set each calendar year by the IRS. For calendar year 2025, the maximum contributions are:

• $4,300 individual
• $8,550 family

For calendar year 2026:

• $4,400 individual
• $8,750 family

No. You can only use the HSA funds for qualified IRS dependents (legally married spouses, children).