October 15, 2019

Today is National Health Savings Account Awareness Day

National Health Savings Account (HSA) Awareness Day is today (Oct. 15). Today is a great day to take a look at the HSA resources Purdue has to offer – especially since open enrollment 2020 begins in two weeks.

At 3 p.m. ET today, Jean Chatzky, HerMoney CEO and co-founder, will share her experience and insight on why HSAs are so important. Register for the webinar here.

Additionally, Human Resources has a wealth of resources available on the “Purdue HSA Medical Plans” webpage. From there, employees can access resources such as the HSA Interactive Tool, which is designed to help guide employees through the HSA eligibility rules. A series of yes-no questions will be asked -- at the end of the questions, the maximum allowed contributions for 2020 will be shown. When calculating your HSA contributions (employee’s and Purdue’s), don’t forget about the 2020 Healthy Boiler Wellness incentive, which is available to employees and covered spouses. The Healthy Boiler incentive also counts toward the maximum allowed contributions for the year.

Keep in mind, HSAs are an excellent resource for all employees enrolled in one of the high-deductible health plans – whether seasoned or soon-to-be new enrollees. Take a look at the “Anatomy of an HSA” PDF file for more information on the basics of an HSA. View the video on how HSAs work for even more information. Other videos also are available on topics such as HSA vs FSA, HSA Tax Advantages and how HSAs and Medicare work together on the dedicated open enrollment webpage’s “Resources” section.  

Employees approaching age 65 in the coming year can attend a special presentation on “Medicare and HSAs” at an upcoming session on the West Lafayette campus. Employees can choose from the following dates and times:

  • Oct. 17 (Th): 3-4 p.m. in Stewart Center, Room 278.
  • Oct. 22 (T): 9-10 a.m. in Stewart Center, Room 310.

As a reminder, HSA money can be used only on an eligible health care expense. Take a look at HSA Bank’s (Purdue’s HSA account administrator) summary of common eligible expenses that can be claimed using an HSA.

Contribution limits for 2019 and 2020

Employees can elect to set aside dollars on a pre-tax basis through payroll deductions. Employees may make contributions to their account as long as the total combined contributions from both employee and Purdue do not exceed the following amounts:

  • 2019: $3,500 for a single coverage or $7,000 when you cover one or more family members.
  • 2020: $3,550 for single coverage or $7,100 when you cover one or more family members.  

If an employee’s spouse also receives or makes contributions to an HSA through Purdue or another employer, they must collectively adhere to the contribution maximum family limit.

Questions

Questions should be directed to Human Resources – Benefits at an employee’s respective campus.

  • West Lafayette campus: Email hr@purdue.eduor via secure email at HR Help or call 765-494-2222 or toll-free at 877-725-0222.
  • Fort Wayne campus: Email: hr@pfw.eduor call 260-481-6840.
  • PNW Westville and Hammond campuses: Email: hr@pnw.eduor call 219-989-2251.

Faculty-Staff News

More News

Purdue University, 610 Purdue Mall, West Lafayette, IN 47907, (765) 494-4600

© 2015-20 Purdue University | An equal access/equal opportunity university | Copyright Complaints | Maintained by Office of Strategic Communications

Trouble with this page? Disability-related accessibility issue? Please contact News Service at purduenews@purdue.edu.