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Health Savings Account
If you enroll in the $2,500 deductible BCBSTX PPO you may elect a Health Savings Account (HSA). An HSA is a tax free bank account similar to an FSA that you use to help pay for out of pocket medical expenses including:
- Deductibles
- Coinsurance and co-pays
- Amounts above reasonable and customary charges for out-of network services
- Dental and vision expenses not covered by your Dental or Vision plan
The primary difference between an FSA and an HSA is that any HSA balance is rolled over from year to year. Unlike the FSA, there is no "use it or lose it". You may not participate is an HSA and and FSA at the same time.
Click the links below to see how it works.
- Participate
- Contributions
- Enrollment
How It Works
Participate
You can participate in an HSA if you enroll in the $2,500 deductible BCBSTX PPO, and:
- you are not enrolled in Medicare (Part A, B or D).
- you are not covered by another medical plan (such as
your spouse’s plan) that qualifies as a high deductible health plan. - you don’t have a Health Care FSA.
How It Works
Contributions
You make contributions to your HSA with pre-tax payroll deductions. Your contributions are placed in an interest bearing account in your name. You can use the money in your account to pay for current or future out-of-pocket healthcare expenses.
You may contribute up to $2,500 if you elect individual coverage and $5,000 if you elect family coverage. These limits can change each year. Money left in your account at the end of the year carries over to future years and if you leave the University you take your account with you.
How It Works
Enrollment
Indicate the amount you want to contribute for the current year on both the Benefits Enrollment form and the HSA Election form. You will receive a debit card and a checkbook from Mellon Bank that you can use to pay for eligible medical expenses.
Mellon has an arrangement with BCBSTX to automatically debit your account for qualifies out-of-pocket expenses, as long as you have funds in your account. If you don’t want automated reimbursement, you must contact Mellon at 1-877-635-5472 to cancel this arrangement. You will find a list of qualified healthcare expenses on the BenefitsU website.
Please be sure to visit the Mellon website at www.hsamember.com to create your individual account and review your HSA transactions. You will find a link in the Helpful Links section.
