Healthy Boiler second quarter underway; HSA/HRA incentive funds support financial wellness
January kicked off the second quarter of the 2020 Healthy Boiler Wellness Program. To earn the monetary incentives for 2020, employees should complete and upload their physical and biometrics screening information into the Healthy Boiler Portal by Sept. 30, 2020. The incentive portion of the Healthy Boiler Program provides employees and their covered spouses the opportunity to earn $325 (employee only) or $650 (employee + spouse, employee + child or employee + family) as additions to their Health Savings Account (HSA) or Wellness Health Reimbursement Account (HRA). Note: Spouses must register on the Healthy Boiler portal and submit their activities into their own account to earn the incentive credit. See the Healthy Boiler Frequently Asked Questions web page for more information.
Incentive payments for the first quarter will be deposited into accounts this month. A report in aggregate is provided to Human Resources at the end of each quarter indicating how much each person should receive based on completed items. Human Resources does not receive any personal health information related to incentives completed.
“We carried over the incentive program’s design from last year to continue to emphasize the importance of preventive care, which starts for many with their annual physical and biometrics screening,” said Candace Shaffer, senior director of benefits in Human Resources. “Once completed, not only are our employees earning the extra money for their HSA or HRA, they also are positioning themselves to create a plan of action to address any health risks or issues discovered as a result of their physical or biometrics screening. Both the rewarded incentives and the health information received support the financial wellness connection to overall well-being. This is an easy first step for employees to take control and improve their overall well-being and their financial health, which is exactly what we are hoping for with this program.”
As a reminder, both the physical and biometric screening required for 2020 incentives are provided at no cost to employees on all three Purdue medical plans as preventive benefits.
Advantages of HSAs and HRAs
An HSA is an account with a triple tax advantage.
- Your contributions to the account are pre-tax
- Withdrawals and distributions from the account are tax-free when the funds are used properly
- Should you choose to open an investment account after you’ve reached a $1,000 balance, your investment growth and interest are tax-exempt. (Details about the HSA investment funds will be available through your member portal at HSA Bank. To learn more see the “Do you want to grow your savings for future health care?” flow chart.)
Purdue contributes to your account and you may also elect to contribute funds via pre-tax payroll deduction, which lowers your taxable income. Unspent funds in your account roll over each year, unlike the “use it or lose it” rule of the HRA.
Keep in mind, the IRS sets maximum contribution levels each year for HSAs. For 2020, the limit is $3,355 for a single person and $7,100 for someone who covers one or more family members. If your spouse also receives or makes contributions to an HSA through their employer, you must collectively adhere to the contribution maximum family limit. Additionally, those aged 55 or older – or who will turn 55 any time during the plan year – can contribute an additional $1,000 “catch-up” contribution per year to your account.
An HRA also has tax benefits and is similar to a flexible spending account (FSA); funds each year do not roll over to the next. HRA funds follow the “use it or lose it” rule where they must be used by December 31 of the respective plan year.
HSA Bank Resources
Purdue partners with HSA Bank to administer HSA, HRA and FSA accounts. If you have questions about a type of account or need personalized assistance with your account, HSA Bank provides many resources.
The HSA Bank website contains a wealth of information, including a Learning Center in the top navigation, member-specific web pages, healthcare decision tools, access to your account and more.
The HSA Bank customer serve team is ready and available to assist you with any questions or concerns. You can contact HSA Bank’s Client Assistance Center (customer service) by phone at 800-357-6246 or via email at email@example.com.
Contact the Human Resources office on your respective campus with any questions.
Protections from disclosure of medical information
As a reminder, the Healthy Boiler Wellness Program Disclosure Information (page two of the provider form) explains the protections from disclosure of medical information in regards to the Healthy Boiler program. Simply put, your personal health information is not ever shared or disclosed; aggregate information may be used to design programs based on identifiable health risks for the overall population.
- January 2020 Issue 12
- ‘Saver’s Credit’ – Helping eligible taxpayers offset the cost of saving for retirement
- Healthy Boiler second quarter underway; HSA/HRA incentive funds support financial wellness
- A surprising connection: Financial wellness and your overall health
- ‘Financial Wellness Month’ – A perfect time for a financial checkup; resources available
- News you need to know …