Health Savings Account (HSA)

The University of Richmond's Health Savings Account (HSA) is provided by Health Equity.

If you would like to enroll for the coming year you must do the following in the WEX Benefits Portal during Open Enrollment:

  1. Verify if you are covered under a Medicare plan 
  2. Verify that you are eligible for a HSA account
  3. If you want to make an employee contribution you must enter the amount you would like to contribute

 

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.

 

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.

Why an HSA?

  • HSAs stay with you for life, so even if you leave the University, you can continue to use your account.
  • You can use HSA funds to pay COBRA premiums or any other health insurance premiums if you are receiving federal or state unemployment benefits.
  • If you need cash, you can reimburse yourself tax-free from your HSA for previous medical expenses that you paid for out-of-pocket.
  • You can continue to contribute as long as you still have an HSA-qualified plan and meet HSA eligibility requirements.

 

2023 Federal HSA Contribution Limits

Including employer contributions

  • Single: $3,650
  • Family: $7,300
  • Catch up (age 55 and older): Additional $1,000

 

2023 University Contributions to Your Account

Income < $40,000

Income ≥ $40,000

High Deductible Health Plan - $4,000

Individual: $1,500
Individual + Child(ren): $2,500
Individual + Spouse: $2,500
Family: $3,000

Individual: $1,000
Individual + Child(ren): $1,500
Individual + Spouse: $1,500
Family: $2,000

High Deductible Health Plan - $1,750

Individual: $500
Individual + Child(ren): $750
Individual + Spouse: $750
Family: $1,000

Individual: $500
Individual + Child(ren): $750
Individual + Spouse: $750
Family: $1,000