*NEW* Plan C - High Deductible Health Plan with an Health Savings Account
To better serve our diverse faculty and employee community , Elon University is offering a High Deductible Health Plan ( HDHP) with a Health Savings Account ( HSA). The HDHP plan will be administered through BCBSNC just as Plan A and Plan B are today and will begin January 1, 2016.
What is a Health Savings Account ( HSA)?
An HSA is a tax-favored savings account created for the purpose of paying for eligible health care expenses if you enroll in the High Deductible Plan. The HSA is an account set up by you. It allows tax free withdrawals to pay for qualified medical expenses. Health Equity is the HSA administrator.
An HSA is also an account you can contribute to on a pretax basis, usually through payroll deductions. The money is your HSA account is 100% vested and earns interest tax free.
Who is eligible to participate in a Health Savings Account?
1. Under IRS guidelines, you must meet the following to enroll in an HSA:
• Be covered under a High Deductible Health Plan
• Not covered under other health insurance
• Not enrolled in a Flexible Spending Account at all during the plan year or covered by a spouses FSA
• Not enrolled in Medicare or Tricare
• Not another person’s dependent
2. Employees who elect Plan C with the HSA cannot enroll in the medical FSA for 2016. If you are currently enrolled in the Medical FSA and wish to enroll in Health Plan C with the HSA you must deplete your Medical FSA by December 31, 2015. The university will fund the HSA with an annual contribution of $250 for individual coverage and $500 for family coverage (HSA contributions are prorated for new hires). You may contribute to an HSA up to the annual IRS limit (including employer contributions) for individual ($3350) or family coverage ($6750). Plan participants age 55 and older may make an additional ($1000) catch-up contribution. When calculating your annual contribution maximum, be sure to subtract the university’s contribution.
You own your HSA and the account balance rolls over year-to-year.
Please click here to be directed to a list of Frequently Asked Questions regarding HSAs.
If you would like to learn more about a Health Savings Account, we invite you to attend one of the below informational sessions. We will have members of the Human Resources team available, along with representatives from Willis Group and Health Equity. An RSVP is not required.
|Wednesday, October 21, 2015||10:00 a.m. - 10:50 a.m.||LaRose Digital Theatre, KOBC|
|11:00 a.m. - 11:50 a.m.||LaRose Digital Theatre, KOBC|
|1:30 a.m. - 2:20 a.m.||LaRose Digital Theatre, KOBC|
|2:30 a.m. - 3:20 a.m.||LaRose Digital Theatre, KOBC|
|Thursday, October 22, 2015||10:00 a.m. - 10:50 a.m.||Oaks 212, McCoy Commons|
|11:00 a.m. - 11:50 a.m.||Oaks 212, McCoy Commons|
|1:30 p.m. - 2:20 p.m.||Oaks 212, McCoy Commons|
|2:30 p.m. - 3:20 p.m.||Oaks 212, McCoy Commons|
|Monday, October 26, 2015||10:00 a.m. - 10:50 a.m.||Elon University School of Law (Greensboro) - Room 204|
|11:00 a.m. - 11:50 a.m.||Elon University School of Law (Greensboro) - Room B106 (Bank of America Building)|
|1:30 p.m. - 2:20 p.m.||Elon University School of Law (Greensboro) - Room 211|
|2:30 p.m. - 3:20 p.m.||Elon University School of Law (Greensboro) - Room 211|
|2:00 p.m. - 2:50 p.m.||Elon University School of Law (Greensboro) - Room 211|
IMPORTANT NOTE: Due to High Deductible Health Plan Regulations, if you elect to participate in Health Plan C with the HSA, you will not be eligible to utilize the services of Elon University’s Wellness Center.
Plan Administrator: HealthEquity
Contact Information: Telephone: (877) 713-7682