A Health Savings Account (HSA) allows you to set aside money tax-free for qualified medical expenses. These HSA accounts are administered by HealthEquity and work along with the Consumer-Directed Health Plans (CDHPs). Funds in an HSA roll over from year to year.
When you choose to enroll in a CDHP, you are automatically enrolled in a tax-free HSA. There is no enrollment form to be completed to open this HSA.
|*Plan||Automatic Employer Contribution||Maximum Annual Contribution*|
|Employee Only||$58.34/month, $700.08/year||2023: $3850/year|
|Family Coverage||$116.67/month, $1400.04/year||2023: $7750/year|
*Those ages 55 and up may contribute an additional $1000 annually over the posted contribution limits.
WSU makes contributions to your HSA at the end of each month. This is reflected on your pay stub as “HSA ER Contribution Estimate” under Employer Paid Benefits. By the end of a full calendar year, a total of $700.08 per individual ($58.34 monthly) or $1400.04 per family ($116.67 monthly) will be deposited by the employer into your account. You can monitor contributions to your account by visiting the HealthEquity Member Portal.
Employees are also able to make contributions to their HSA accounts through payroll deduction*. In 2023, an employee can contribute a maximum of $3,850 to their account or $7,750 if they enroll another family member on the plan (2024 limits are $4,150 and $8,300, respectively). These contribution maximums include employee, employer, and spouse/partner contributions if the employee’s spouse/partner is also enrolled in a CDHP/HSA. These contribution maximums also include the Wellness Incentive deposit of $125, if eligible.
*Use Workday to set up payroll deduction to your HSA account.
Both myself and my spouse/registered domestic partner are enrolled in an HSA
If both you and your spouse/qualified tax-dependent registered domestic partner are enrolled in an HSA, you have each enrolled into separate accounts. While each member has a separate account, the amount each member can contribute depends on the type of coverage each person has.
A. If both you and your spouse/qualified tax-dependent registered domestic partner have individual CDHP coverage, each employee can contribute up to $3,850 each for 2023 ($4,150 in 2024). Both accounts can be used by each spouse.
- Example – John uses all of his account contributions, and still has additional eligible medical expenses. Jane has $1,000 of unused funds in her account and due to John being an eligible spouse, Jane can claim John’s remaining eligible expenses toward her remaining $1,000.
B. If both you and/or your spouse/qualified tax-dependent registered domestic partner have family CDHP coverage, the family can decide how they would like to split the $7,750 family maximum contribution for 2023 ($8,300 in 2024). Both accounts can be used by each spouse.
- Example – John decides to contribute $5,000 to his HSA for 2024, which leaves Jane able to contribute up to $3,300 in 2024 to her HSA. John uses all $5,000 of his contributions, and still has additional eligible medical expenses. Jane still has $1,000 of unused funds in her account and due to John being an eligible spouse, Jane can claim John’s remaining eligible expenses toward her remaining $1,000.
Disclaimer: The information contained on this website is for informational purposes only and does not constitute legal advice, nor does it substitute for official plan documents. All information on this website is relayed to the best of the agency’s ability, but does not guarantee accuracy. Please seek HSA guidance from Health Equity or your tax advisor.