Spending Accounts and Purdue Contributions
Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) are both great tools to help you manage your healthcare expenses. They have distinct differences, though, and can’t be used exactly the same way.
HSA vs. FSA Watch this video to learn more about how HSAs and FSAs are alike and different. A few key points about each: HSA FSA
Used For: Healthcare expenses not covered by your medical plan—deductible, coinsurance, prescriptions, dental, vision
Your Contributions Pre-tax dollars deducted from your paycheck each pay period
Purdue Contributions* (The HSA base contribution will be deposited in full in January) Base Contribution $325 individual $650 family
Healthy Boiler Wellness Program Up to $325 individual Up to $650 family $0
Maximum Annual Contribution $3,600 individual $7,200 family
+$1,000 catch-up contribution (age 55+)
Note: Combined contributions (i.e., yours, your spouse’s, Purdue’s base or the Healthy Boiler Wellness) cannot exceed this amount. $2,750
Funds Rollover Yes No
HSA Eligibility Due to IRS rules, some employees may not be eligible for an HSA.
If you are not eligible for an HSA, you may enroll in a Health Reimbursement Arrangement (HRA) and Purdue will deposit the base contribution into that account.
Types of FSAs The type of FSA you’re allowed to have (and what you can use it for) depends on whether you have an HSA or an HRA.
You’ll find more information on these two types of FSAs on page 11 of the 2021 benefits guide. For more detailed information on HSAs, HRAs, FSA and LPFSAs, download the comparison chart.
Healthy Boiler Wellness Program Purdue continues to offer a financial incentive to those who participate in our Healthy Boiler Program. Incentives are deposited into your HSA or HRA to help you pay for healthcare expenses. In 2021, the incentive can be earned by completing an annual physical and/or providing a biometric screening. In 2021, the program will run from Jan. 1 - Dec. 31
Questions? Contact the HR Service Center at 765-494-2222 or hr@purdue.edu. hr@purdue.edu |