CU faculty and staff who are enrolled in CU Health Plan – High Deductible can update their HSA contributions for 2020 or enroll in an account in the myUCCS portal from 8 a.m. Monday, Nov. 18 to 5 p.m. Friday, Dec. 6.
As the New Year approaches, it’s a good time to evaluate current savings strategies and make adjustments. That’s one reason CU gives faculty and staff a way to save for medical expenses with a Health Savings Account (HSA). This account can be used to pay for medical expenses today, and grow your savings to pay for medical expenses in retirement. Unlike a Flexible Spending Account, there are no time constraints on using your HSA money.
What is an HSA?
Administered by Optum Bank, a Health Savings Account (HSA) is a way to pay for qualified health care expenses now or in the future. HSAs offer three tax benefits: Tax-free savings, tax-free growth, and tax-free spending on qualified medical expenses from today throughout your retirement.
How much can I contribute?
The IRS increased 2020 contribution limits for all HSA account holders. Those 55 or older are allowed a $1,000 catch-up provision.
HSA contribution limits for 2020
- Individual Coverage Limit – $3,550
- Individual Coverage Limit (age 55 or older) – $4,550
- Family Coverage Limit – $7,100
- Family Coverage Limit (age 55 or older) – $8,100
Keep in mind: You may change your HSA election amount at any time.