Plan C - High Deductible Health Plan (HDHP) with a Health Savings Account (HSA)
To better serve its diverse faculty and employee community, Elon University offers a High Deductible Health Plan (HDHP) with a Health Savings Account (HSA). The HDHP plan is administered through BCBSNC just as Plan A and Plan B are but the HSA is administered through HealthEquity.
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 2017. 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, 2016. The university will fund the HSA with an annual contribution of $500 for individual coverage and $1,000 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 ($3,400) or family coverage ($6,750). Plan participants age 55 and older may make an additional ($1,000) 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.
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