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Health Savings Account (HSA)

The University of Richmond's Health Savings Account (HSA) is provided by Health Savings Administrators. If you would like to enroll for the coming year, please elect coverage in BannerWeb during Open Enrollment and also complete the HSA Enrollment Form and submit it with a copy of your driver's license to Human Resources. For more information on the insurance plan, please see the HSA webpage.

2020 Federal HSA Contribution Limits

  • Single: $3,550
  • Family: $7,100
  • Catch up (age 55 and older): Additional $1,000

2020 University Contributions to Your Account

Income < $40,000 Income ≥ $40,000
High Deductible Health Plan - $4,000 Individual: $1,500
Family: $3,000
Individual: $1,000
Family: $2,000
High Deductible Health Plan - $1,750 Individual: $500
Family: $1,000
Individual: $500
Family: $1,000

Enroll in an HSA

To enroll in an HSA for the first time, you must complete an application. During Open Enrollment (November of each year), current employees must also make their election in BannerWeb.

Once HSA Administrators 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 HSA Administrators 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 the University will not be able to make a contribution.

Eligibility

To be eligible for an HSA, you must be covered under an HSA-qualified health plan. Also, you must not be:

  • Covered by any other health plan, including a spouse’s health insurance
  • Covered by your own or a spouse’s medical flexible spending account (FSA)
  • Enrolled in any part of Medicare or Tricare
  • Claimed as a dependent on another person’s tax return

For more information on the insurance plan, please see the HSA webpage.