Health Savings Account
Health Savings Accounts (HSA), provided by the UMB, is a tax-advantaged health checking account that gives you the ability to save for future qualified medical, dental or vision expenses and pay current expenses. It is individually owned and the account follows you should you retire or change employers. HSA contributions can be made by you through pre-tax payroll deductions and rollover each year.
To be eligible for an HSA you:
- Must be currently enrolled in an HAS-qualified health plan; HDHP
- Ay not be enrolled in any other non-HSA-qualified health plan
- May not be claimed as a dependent on another person’s tax return
- May not be enrolled in Medicare, Medicaid or Tricare
- Must not have used VA medical benefits in the past 3 months, with the exception of preventative services or treatment for a service-connected disability.
It is your responsibility to set up your HSA. Personal contributions will not be deducted until notification of an open, active account is received. Butler currently partners with UMB for all HSAs. To open an HSA account:
- Go to hsa.umb.com
- Click on “Enroll for a new HSA”
- Enter the Enrollment Verification # THA0001-143674
Online enrollment and access will allow you to view your account balance; reimburse yourself for medical expenses incurred without the debit card; download forms; and access a variety of other internal and external links to resources and tools to help you manage your HSA.
2024 HSA Contributions
| Butler University Contribution | Max Employee Contribution* | 2024 IRS Max Contributions | |
|---|---|---|---|
| Individual | $750 | $3,400 | $4,150 |
| Family | $1,500 | $6,800 | $8,300 |
| 55+ Catch Up | NA | $1,000 | $1,000 |
*Your total maximum contribution into the HSA may not exceed the IRS contribution limit for 2024 as shown above.
May not be enrolled in any other non-HSA qualified health plan Employee contributions into their HSA can be changes, started, or stopped at any point throughout the plan year. To do so, please complete the HSA Change Request Form (PDF) and submit to benefits@butler.edu.
HSA and Medicare
It is important to understand how Medicare may impact your HSA before electing a contribution amount or even enrolling in the HDHP medical plan. Once you are enrolled in Medicare, you are not legally allowed to contribute to your HSA.
If you met the requirements to qualify for Medicare part A but have not yet applied, you may continue to contribute to your HSA past age 65 and postpone applying for Social Security and Medicare until you stop working. There is no penalty for this delay if you maintain your current health coverage.
If you are entitled to Medicare because you signed up for Medicare Part A at age 65 or later and have applied for Social Security Benefits you cannot continue to contribute to an HSA. You can continue to withdraw any remaining funds in your account.
If you are entitled to Medicare because you signed up for Medicare Part A at age 65 or later but have not yet applied for Social Security Benefits, you can withdraw your application for Part A. There are no penalties, and you are free to reapply for Part A at a future date. This will allow you to continue to contribute to the HSA until you decide to reapply for Part A.
If you do apply later for Social Security or Medicare benefits, the coverage will be retroactively applied up to 6 months depending on how long your benefits were delayed. This may affect how much you can contribute to your HSA.
If you have applied for, or are receiving, Social Security Benefits you are automatically entitled to Part A and you cannot continue to contribute to an HSA account. You can continue to withdraw any remaining funds in your account.