A Health Savings Account (HSA) allows you to put money aside and reimburse yourself for medical expenses on a tax-deductible basis. You can open an HSA only if you are enrolled in the Healthcare + Savings Plan or ACA Basic High Deductible plan.
Am I eligible for an HSA?
When you elect the Healthcare + Savings Plan, you are also eligible to elect an HSA.
There are certain restriction that apply to HSAs, including:
|How do I set up an HSA?||You can set up an HSA with any financial institution that provides HSA services, or when you elect the Health Care + Savings plan, you may also set up an HSA account with HealthEquity, Blue Shield's financial partner.|
|What are the advantages of a HealthEquity HSA?||
Opening your HSA with HealthEquity has three important advantages:
For example, if you elect an HSA on March 4 and have a payroll deduction taken from your March 22 paycheck, your account (and contributions) will not be available until April 1. Reimbursement for out of pocket expenses starting on or after March 4 can be paid from the HSA once funds are available.
After the initial set up and funding, ongoing funds will be available in your HealthEquity account 2 to 3 business days after your paycheck in which a deduction is taken.
3.If you are enrolled in the Healthcare + Savings plan Stanford contributes to your HSA (up to $300 for employee only and up to $600 for employee + eligible family members*).
*Note: These amounts are for employees who set up their account(s) with HealthEquity after electing the plan. If you enroll any time after January 1, the amount Stanford contributes will be prorated based on the number of pay periods remaining in the calendar year after you set up your account.
For more information, call 877-857-6810 or visit the HealthEquity website
|What are the contribution limits?||
In 2019, the HSA limit (the amount you contribute) is $3,500 for employee only, and $7,000 for employee + dependents. These limits include any contribution amount you may receive from your employer.
Frequently Asked Questions
Below are answers to the most frequently asked questions regarding Health Savings Account.