Healthy Boiler

New year, new financial goals: Resources available to help you reach your goals

The start of the new year is a great time to take stock of your finances and set some cost-cutting and long-term savings goals. Purdue has several options to help you save, spend wisely and make good financial decisions.

Here are five reminders for a financially healthy 2021:

    1. HSA/HRA/FSA
      If you have a Health Savings Account (HSA), Health Reimbursement Arrangement (HRA) and/or Flexible Spending Account (FSA), you’re already saving because you’re using pre-tax dollars to pay for eligible medical, prescription, vision and dental expenses. Plus, Purdue contributes to the HSA — basically giving you free money to pay for your out-of-pocket healthcare expenses. Access your HSA, HRA and / or FSA at HSA Bank.com. More details are available on Purdue’s HSA, HRA and FSA web page.

      Helpful reminder: It’s not too late to positively impact your 2020 taxes (and save for healthcare expenses at the same time). The deadline to make contributions to an HSA for a tax year is typically April 15 of the following year. This means that for 2020 taxes, you can contribute until April 15, 2021. If you haven't maximized your HSA contributions yet, consider using the extra time to do so and to get as big a tax break as possible.

      Video resources
      HSA Tax Advantages
      How HSAs Work
      HSA vs. FSA


    2. Retirement plan and match
      Saving for retirement starts now — it’s never too early or too late to begin. Our retirement plans help you build up your retirement nest egg, and we provide a match that helps it grow even faster. More information is available on the Purdue Retirement Program Overview web page. Visit Fidelity NetBenefits to manage your contributions, investment choices, beneficiaries and more.

      Video Resources
      PMRS (Purdue Matching Retirement and Savings Plans)
      PSRS (Purdue Standard Retirement and Savings Plans)

    3. Out-of-pocket healthcare costs
      There are several ways to stretch your healthcare dollars—generics, preventive visits, HealthSync providers, etc. Get ideas here.

    4. Prescription cost savings through Rx Savings Solutions
      Save money through Rx Savings Solutions. This confidential program works in conjunction with Purdue prescription coverage to help:
      • Locate better prices
      • Identify medications that perform the same as your current/prescribed medication but with a lower out-of-pocket cost
      • Identify ways your current medication may be available at lower costs (i.e., different dosages)

      All those on a Purdue medical plan – including covered dependents – have access to Rx Savings Solutions. If you have not already registered, you can do so via the Rx Savings Solutions’ portal.

    5. Healthy Boiler Wellness incentive
      Purdue offers incentives (up to $325 each) for eligible employees and covered spouses who complete an annual physical and/or biometrics screening. Incentive payments are made monthly through your Health Savings Account (HSA) or Health Reimbursement Arrangement (HRA). Go to healthyboiler.com to get started.


      Video Resource
      Healthy Boiler Portal Overview