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).
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 benefits eligible employees will not receive a Butler contribution to the HSA.
2020 Annual Contribution Limits
- Employee Only: $2,800 (Total: $3,550 w/Butler’s contribution of $750).
- Employee/Spouse/Children/Family: $5,600 (Total: $7,100 w/Butler’s contribution of $1,500).
- Catch-up contributions for those age 55 and older is an additional $1,000.
IMPORTANT: HSA eligible expenses may or may not apply to your insurance deductible. Review your insurance plan for details.
The HSA Authority Website 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 irs.gov. If tax advice is required, speak with your tax professional.