The College partially funds an HSA on behalf of eligible CDHP Plan participants. An HSA is an account that is owned by the participant and is used to pay for qualified health expenses. The funds carry over from year to year. The funds earn tax-free interest and are portable (meaning if you leave the College, you do not forfeit the contributions or interest earnings).
The College contributes an amount equal to 30% of the consumer-driven health plan you are enrolled in. Half of this contribution is deposited with the first pay date in January, and the remaining half is distributed through bi-weekly payroll contributions as outlined in the chart below:
The College has partnered with Chard Snyder for our HSA administration using HSA Advantage.
The HSA summary document helps you to understand the benefit, qualified expenses, details regarding IRS maximums, and eligibility.
Plan | Initial Contribution | 26 Pay Contribution | 20 Pay Contribution | Annual Employer Contribution |
|---|---|---|---|---|
HSA 1 - Individual | $450.00 | $17.31 | $22.50 | $900.00 |
HSA 1 - Family | $900.00 | $34.62 | $45.00 | $1,800.00 |
HSA 2 - Individual | $300.00 | $11.54 | $15.00 | $600.00 |
HSA 2 - Family | $600.00 | $23.08 | $30.00 | $1,200.00 |
The IRS sets maximum contribution limits:
Employee Only | Employee+/Family | |||
Before Age 55 | Age 55 & Older | Before Age 55 | Age 55 & Older | |
2026 | $4,400 | $5,400 | $8,750 | $9,750 |
2027 | $4,500 | $5,500 | $9,000 | $10,000 |
Eligibility
To be eligible for an HSA you:
Must be currently enrolled in an HSA-qualified health plan;
May not be enrolled in any other non-HSA qualified health plan;
May not have, or be eligible to use, a general purpose Flexible Spending Account (FSA);
Cannot be claimed as a dependent on another person’s tax return;
May not be enrolled in Medicare, Medicaid, HIP or Tricare.
Information for employees electing a Health Savings Account for the first time:
Upon enrolling in an HSA within Workday, Chard Snyder will automatically initiate your HSA account. Please be on the lookout for a Welcome Email from Chard Snyder. You should receive the email within 7 – 10 business days from your enrollment in Workday (if you’re enrolling during open enrollment, you’ll receive the email close to the end of December). The Welcome email will contain your account information and instructions on activating your account.
An HSA Debit Card will arrive in a separate mailing approximately 7-10 business days after the account is fully opened. Please follow the activation instructions included with the card.
Chard Snyder may need additional information to open an HSA. Please reply promptly to any communication received so the account can be opened quickly.