Health Savings Account
The University of Richmond's Health Savings Account (HSA) is provided by Health Equity.
If you enroll in one of the High Deductible Health Plans, you can open a Health Savings Account (HSA) to help pay for eligible medical expenses. Money is deposited in your HSA on a pre-tax basis. You must enroll in WEX Benefits Portal to receive the full employer contribution. The full employer contribution will be made on your first paycheck in January of 2025. If you are new hire, you will receive a prorated employer portion on your first paycheck. You may receive notifications from Health Equity requesting additional information required to establish your account. You must enroll in your HSA every year to contribute.
How does an HSA work?
• You can make tax-free contributions via payroll deduction
• You can use HSA funds to pay eligible out-of-pocket medical, vision, and dental expenses for yourself and your eligible dependents
Advantages of an HSA
- You decide how much to set aside for health care costs
- You control how to spend the money
- You receive tax benefits, including maximizing your tax savings and carrying over your money tax-free each year
- Any unused money stays in your account
- The account balance rolls over from year to year
- You own the account and the money is yours even if you change jobs
- You can grow your money by saving or investing
Eligibility
To be eligible for an HSA, you must be covered under an HSA-qualified health plan. Also, you must not be:
- You cannot be covered under a non-HDHP plan (yours or your spouse’s)
- You cannot be enrolled in Medicare Part A and/or Part B
- You do not receive health benefits under TRICARE
- You cannot have received medical benefits from Veteran’s Administration (VA) for any non-service-connected disabilities at any time during the previous three months
- You cannot be claimed as a dependent on another person’s tax return
- You are not covered by a general purpose health care flexible spending account (FSA); a limited-purpose FSA is permitted
Enroll in an HSA
If enrolling in a HDHP and eligible for a HSA for the first time, you will make the election in the WEX Benefits Portal.
Once Health Equity receives your application, they may request further information from you to set up your account. You could be requested to provide two forms of identification, or to login and answer questions to complete your enrollment.
If you receive an email from Health Equity, please work with them to provide the information required in a timely manner otherwise you may not be able to open your account.
If you do not have an active account, you will not be able to receive the University's contribution.
| 2025 HSA Contribution Limits | |
| Individual | $4,300 |
| Family | $8,550 |
| Catch-up (age 55 or older) | Additional $1,000 |
|
2025 University of Richmond Contributions to Employee HSAs |
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|
Base High Deductible Health Plan |
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|
Base Salary |
Employee only |
Employee + child(ren) |
Employee + spouse |
Employee + family |
|
≥ $40,000 |
$1,000 |
$1,500 |
$1,500 |
$2,000 |
|
< $40,000 |
$1,500 |
$2,500 |
$2,500 |
$3,000 |
|
|
Value High Deductible Health Plan |
|||
|
Base Salary |
Employee only |
Employee + child(ren) |
Employee + spouse |
Employee + family |
|
≥ $40,000 |
$500 |
$750 |
$750 |
$1,000 |
|
< $40,000 |
$500 |
$750 |
$750 |
$1,000 |