You must enroll in High Deductible Health Plan (HDHP), to have an Health Savings Account (HSA).<\/p>\n\n\n\n
For more details on eligible expenses, visit www.irs.gov\/publications\/p502<\/a><\/p>\n\n\n\n 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. – You must be enrolled in the HDHP to be eligible to contribute to an HSA. HSA Contribution Limit (Employee + Employer) 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. <\/p>\n\n\n If your spouse has an FSA, you are not <\/strong>eligible to open an HSA until the end of your spouse\u2019s FSA plan year.<\/p>\n\n\n\n Health Savings Account (HSA) FAQs<\/a> 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, […]<\/p>\n","protected":false},"author":245,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-2019","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/inside.wooster.edu\/hr\/wp-json\/wp\/v2\/pages\/2019","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/inside.wooster.edu\/hr\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/inside.wooster.edu\/hr\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/inside.wooster.edu\/hr\/wp-json\/wp\/v2\/users\/245"}],"replies":[{"embeddable":true,"href":"https:\/\/inside.wooster.edu\/hr\/wp-json\/wp\/v2\/comments?post=2019"}],"version-history":[{"count":35,"href":"https:\/\/inside.wooster.edu\/hr\/wp-json\/wp\/v2\/pages\/2019\/revisions"}],"predecessor-version":[{"id":6271,"href":"https:\/\/inside.wooster.edu\/hr\/wp-json\/wp\/v2\/pages\/2019\/revisions\/6271"}],"wp:attachment":[{"href":"https:\/\/inside.wooster.edu\/hr\/wp-json\/wp\/v2\/media?parent=2019"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
– 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\u2019s 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.
– List of College of Wooster Medical Plans <\/a><\/strong><\/p><\/div><\/div>\n<\/div><\/div><\/div>\n\n\n\n
– You cannot be covered by any other non-high deductible medical plan such as an individual plan, spouse\u2019s plan, Medicare, Medicaid, retiree or government plan.
– You cannot be claimed as a dependent on someone else\u2019s tax return.
– You cannot have received Veterans Affairs (VA) benefits within 3 months.<\/p><\/div><\/div>\n<\/div><\/div><\/div>\n\n\n\n
– Self-Only: $4,300 (2025) $4,400 (2026)
– Family: $8,550 (2025) $8,750 (2026)
HSA Catchup Contributions (Age 55 and Older)
– $1,000 (2025, 2026)<\/p><\/div><\/div>\n<\/div><\/div><\/div>\n\n\n\n
DEBIT CARD: <\/strong>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.<\/p><\/div><\/div>\n<\/div><\/div><\/div>\n<\/div><\/section>\n\n\n\n![\"\"](\"https:\/\/inside.wooster.edu\/hr\/wp-content\/uploads\/sites\/23\/2022\/09\/Capture123.jpg\")
<\/figure>\n<\/div>\n\n\n
How does an HSA work?<\/a>
<\/p>\n","protected":false},"excerpt":{"rendered":"