Health Savings Accounts (HSA) allow you to get a tax savings on your money to be used to pay for eligible expenses. They also allow you to save money toward future medical expenses. The funds in this account rollover year after year. They are never forfeited even if you leave the company. You can also invest the funds, similar to a 401(k).
These accounts are governed by the IRS. We recommend you review the associated IRS Publication 969 for additional information if this is your first time enrolling.
Eligibility
You must be enrolled in the Healthy Rewards Plan, which is a High-Deductible Health Plan. You are not eligible to elect an HSA if you are currently covered under another plan:
- Medicare
- Tricare
- Spouse’s medical plan (other than a High-Deductible plan)
You are not eligible to have a Healthcare FSA (through another employer or a spouse’s plan), but you are allowed to have a Limited Purpose FSA.
Contribution Limits
You can contribute the following amounts:
- Associate Only: Up to $3,800
- Associate + Dependents: Up to $7,550
UF Health Jacksonville will also contribute:
- Associate Only: $19.23 biweekly
- Associate + Dependents: $38.46 biweekly
You do not need to contribute in order to receive the Employer Contributions. If you are age 55 or older, you can make catch up contributions up to an additional $1,000
How It Works
You can only use the funds that are currently in the account. If you also have a Limited Purpose FSA, you will receive a separate debit card for both accounts.