{"id":160312,"date":"2024-11-20T10:17:42","date_gmt":"2024-11-20T17:17:42","guid":{"rendered":"https:\/\/communique.uccs.edu\/?p=160312"},"modified":"2024-11-20T10:17:44","modified_gmt":"2024-11-20T17:17:44","slug":"health-savings-accounts-good-for-your-physical-and-financial-health","status":"publish","type":"post","link":"https:\/\/communique.uccs.edu\/?p=160312","title":{"rendered":"Health Savings Accounts: Good for your physical and financial health"},"content":{"rendered":"\n

There\u2019s more a Health Savings Account (HSA)<\/a> than just paying for health care expenses \u2014 it\u2019s a good tool to care for your physical and financial health.<\/p>\n\n\n\n

An HSA can reduce annual tax liability while building long-term savings for retirement security and future health from head to toe.<\/p>\n\n\n\n

Unlike a Flexible Spending Account (FSA) that requires users to spend their saved balance each year or forfeit the remainder, an HSA is a way to keep, grow and protect pre-tax money. The money stays put until it\u2019s spent on qualified health care or prescription costs, even if an employee leaves the University of Colorado in any capacity.<\/p>\n\n\n\n

Plus, account holders can even choose to invest their HSA funds to grow their balance beyond their direct contributions.<\/p>\n\n\n\n

An HSA is a flexible and valuable tool, especially for those who currently have modest health care needs and don\u2019t usually have enough tax-exempt expenses in a year to justify itemizing their tax deductions. With an HSA, employees can make sure they\u2019re getting the tax relief on their medical costs.<\/p>\n\n\n\n

When can I sign up?<\/h3>\n\n\n\n

The University of Colorado\u2019s HSA is open only to faculty and staff enrolled in CU\u2019s High Deductible medical plan<\/a>.<\/p>\n\n\n\n

This year\u2019s HSA Open Enrollment runs from 8 a.m. MST Monday, Nov. 18, until 5 p.m. MST Friday, Dec. 6.<\/p>\n\n\n\n

Changes can be made through the employee portal during open enrollment. The rest of the year, the only way to start, stop or change HSA contributions is by submitting the HSA Authorization Form<\/a> to Employee Services.<\/p>\n\n\n\n

Faculty and staff can enroll or update their contributions at any point in the year. However, HSA Open Enrollment is a great time for eligible employees to conveniently enroll or for current HSA enrollees to reassess their savings needs and capacity for the new tax year.<\/p>\n\n\n\n

What\u2019s changing with Health Savings Accounts?<\/h3>\n\n\n\n

The 2025 contribution limits are increasing:<\/p>\n\n\n\n