Employees will have the option to enroll in a High Deductible Health Plan (HDHP). A self-funded group health plan is available to faculty with at least half-time contracts and staff working over 1000 annual hours in permanent positions. Both the College and the employee share the cost of the group health plan.
With an HSA, you can deposit money tax-free and it will grow tax-free until you use it. HSAs are individually owned accounts that allow you to set aside pre-tax dollars for medical expenses. Interest or dividends accumulate tax-free and payment of qualified medical expenses has no additional tax consequences. You decide how to invest and grow your HSA. If you switch medical plans from a HDHP, you can still spend and invest funds in your HSA, but you can no longer make additional contributions.
- Contribute pre-tax money through payroll deductions.
- No deadline to spend money-unused funds continue to roll over from year to year.
- Use your HSA to pay for qualified medical, dental and vision expenses now.
- Save and invest your HSA funds to cover Medicare costs later in retirement.
- Through Anthem/ PNC Bank
You must enroll in High Deductible Health Plan (HDHP), to have an Health Savings Account (HSA).
For more details on eligible expenses, visit www.irs.gov/publications/p502
A High Deductible Health Plan (HDHP) is a health insurance plan with higher deductibles and lower premiums compared to traditional health plans. This plan combines a tax-advantage Health Savings Account (HSA) with the flexibility to go in- or out-of-network.
– Participants must meet their annual deductible before the insurance will begin to pay the specified percentage for covered expenses, including prescription costs.
– Once participants have met their annual deductible, coinsurance will pay for covered services.
– If a participant reaches the out-of-pocket maximum in a calendar year, the insurance will pay 100% of covered services for the remainder of the calendar year.
The OPTIONAL group health plan functions as a High Deductible Health Plan (HDHP) plan, and utilizes the College’s health plan network. As such, the level of benefits is dependent upon whether or not medical services are performed by providers enrolled in the network. However, a primary care physician does not have to be selected under this type of plan and referrals are not necessary for specialists. To receive the highest level of benefits under the plan, employees must use providers enrolled in the network.
– Anthem PPO HDHP Plan with Health Savings Account
– Anthem PPO HDHP Plan with HSA Benefits Booklet
– You must be enrolled in the HDHP to be eligible to contribute to an HSA.
– You cannot be covered by any other non-high deductible medical plan such as an individual plan, spouse’s plan, Medicare, Medicaid, retiree or government plan.
– You cannot be claimed as a dependent on someone else’s tax return.
– You cannot have received Veterans Affairs (VA) benefits within 3 months.
Individual – $4,150 (2024), $4,300 (2025)
Family – $8,300 (2024), $8,550 (2025)
$1,000 catch-up available for those 55 and older
The College contributes $500 for Employee Only and $1,000 for Employee + 1 or Family Coverage. Pro-rated based on eligibility. Deposits are made in January and July. If hired outside of those dates, deposits are made the first of the month following enrollment in the HDHP unless hired on the first of the month.
DEBIT CARD: The PNC debit card can be used for all qualified medical, dental and vision care expenses. Please note that you must save all receipts for substantiation.
If your spouse has an FSA, you are not eligible to open an HSA until the end of your spouse’s FSA plan year.
Health Savings Account (HSA) FAQs
How does an HSA work?
Health Savings Account (HSA) Election Form