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Human Resources
Human Resources

Health Savings Account

Health Savings Accounts (HSA), provided by the HSA Authority (an Old National Bank company), can be opened along with a high-deductible health plan and provide money to pay for health-related costs. HSA deposits go into a checking account that you control—Paying expenses by check or with a debit card. Electronic access to account activity, balances and images of cancelled checks, and bank statements are available through online banking at no extra cost.  Access to account activity and balances is also available by telephone. Paper statements are available for a nominal fee.

If you are a full-time benefits eligible employee, contributions to a Health Savings Account may be made by both you and Butler University. ACA benefit eligible employees will not receive a Butler contribution to the HSA. Your contributions are pretax, and contributions made by Butler are not taxable to the employee (excluded from income).

 

 

How much can I contribute?

The annual limits set by the Internal Revenue Service and are listed below. Butler also contributes money toward your HSA if you are a full-time benefit eligible employee (Employee Only: $750/Employee/Spouse/Children/Family: $1,500). ACA benefit eligible employees will not receive a Butler contribution to the HSA.

2016 Annual Contribution Limits

  • Employee Only: $2,600 (Total: $3,350 w/Butler's contribution of $750).
  • Employee/Spouse/Children/Family:  $5,250 (Total: $6,750 w/Butler's contribution of $1,500).
  • Catch-up contributions for those age 55 and older is an additional $1,000.

 

What are HSA eligible expenses?

IMPORTANT: HSA eligible expenses may or may not apply to your insurance deductible. Review your insurance plan for details.

This list contains some examples of eligible expenses that may be paid tax-free using HSA funds. Eligible medical expenses are defined as those expenses paid for care as described in Sections 213 (d) or IRS Publication 502. For a complete list and more detailed information, please refer to IRS Publication 502 titled “Medical and Dental Expenses” and Publication 969 at http://www.irs.gov. If tax advice is required, speak with your tax professional.

Other Helpful Tips

  • New accounts do not need to be established if you established a Butler University HSA with Old National Bank since October 2013.
  • You must file Form 8889 with your Form 1040 or Form 1040NR.
  • You may change the amount of your HSA contribution at any time by contacting the Benefits Department.
  • You can take 100% of the deposited funds with you when you retire or change employers. You are the account owner.
  • You can choose whether to spend the money on current medical expenses or you can save your money for future use.
  • Unused funds remain in the account from year to year and there is no "use it or lose it" provision.

Adapted from the HSA Authority.