As was communicated during Benefits Open Enrollment, employees enrolled in the PPO Savings Plan with the Health Savings Account (HSA) for 2018 will receive Penn State’s contribution in January 2018.
The timing of the contribution is based on the payroll cycle of the employee, which means that the contribution will be made to HealthEquity accounts for bi-weekly-paid employees on January 5 and monthly-paid employees on January 31, 2018. As a reminder, the 2018 University contribution will be based on salary per the chart below.
Employee-elected contributions established during Benefits Open Enrollment will also begin with the January 2018 pay cycle, and those contributions will be deposited in HealthEquity accounts on or within a few days of the pay date.
Employees newly enrolled for 2018 in the PPO Savings Plan will receive HSA Welcome Kits, including a debit card, from HealthEquity within the next week.
All questions regarding the HSA should be directed to HealthEquity at (866) 346-5800.
If you elect to enroll in the PPO Savings Plan, a Health Savings Account (HSA) automatically is opened on your behalf through HealthEquity. Funds to this account are contributed on a tax-free basis and can be use for eligible health expenses. Unlike the Health Care Flexible Spending Account (FSA), the funds rollover from year-to-year and are yours to use, even if you leave the University. See the benefits e-mag for yearly contribution limits and catch-up provisions.
To help get you started, Penn State contributes “seed” money into your account at the beginning of the plan year. For 2018, the seed money is as follows:
Salary | Penn State Contribution/Coverage |
---|---|
$45,000 or less | $800/Individual $1,600/Family |
$45,000.01 – $60,000 | $600/Individual $1,200/Family |
$60,000.01 – $90,000 | $400/Individual $800/Family |
$90,000.01 or more | $200/Individual $400/Family |
For current HSA participants, you can find questions and information here, as well as within the HSA Frequently Asked Questions.