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UWMF,

Benefits,

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Pay & Benefits,Benefits,Flexible Spending,UW Medical Foundation,Flexible Spending and Health Savings Account (UWMF)

Health Savings Account

Health Savings Account - Pay & Benefits, Benefits, Flexible Spending, UW Medical Foundation, Flexible Spending and Health Savings Account (UWMF)

Focus

Benefit Summary

A Health Savings Account (HSA) lets you save money tax-free to pay for health care expenses not covered by insurance. If you do not use all your HSA funds, they carry over year-to-year without forfeiture. The money is yours, even if you leave the High Deductible Health Plan (HDHP) or employment.

If you are enrolled in the HDHP benefit through UWMF, UWMF will contribute to your Health Savings Account (HSA) based on your medical plan coverage ($750/single and $1500/family). These amounts are prorated and made over 24 pay periods per year. Both the employer and the employee contributions are considered part of your annual contribution maximum.

HSA Contributions Single EE + 1 or Family
UWMF Contributions $750 $1500
Maximum IRS HSA Contributions $3450 $6900

 Health Savings Account

Premiums/Contributions

Premiums are based on your contribution election. Typically the annual contribution is divided between all remaining payrolls in the calendar year.

Enrollment

Initial Enrollment

Enrollment in the Health Savings Account (HSA) requires submission of the Discovery Benefits enrollment form within 30 days of the date of hire. Coverage is effective the first of the month following one month of employment.

Open Enrollment

An annual enrollment period offered for the Health Savings Account (HSA). Employees must re-enroll for the Health Savings Account (HSA) each year during the Open Enrollment period in October/November.

Qualifying Life Event

You may enroll in an HSA if you experience a qualifying life event and enroll in a High Deductible Health Plan. To make changes, please review Life Events (UWMF) page on for more information on what changes you can make due to a Qualifying Life Event, how to obtain the applications, and when the change is effective. Completed applications must be submitted to Human Resources within 30 days of the qualifying life event.

qualifying life event includes marriage, birth or adoption of a child, a death, divorce, termination of employment, or for dependent care only, a change in childcare providers.

Discovery Benefits Contact Information

Participant Services is available to assist Monday through Friday from 6am to 9pm Central.