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|
|Maximum IRS HSA Contributions||$3450||$6900|
Health Savings Account
- You may contribute up to $3,450 annually for an individual and $6,900 for a family (HSA holders 55 and older may contribute an additional $1,000) Contributions are 100% tax deductible from gross income
- Interest accumulates tax-free and funds are tax-free to withdraw for medical expenses
- You can use the money in your HSA to pay for eligible medical expenses and prescriptions
- Save unused HSA funds from year to year – money you can use to reduce future out-of-pocket health expenses. You can even save HSA dollars to use after you retire.
- May change amount of employee contributions at any time
- Account belongs to you, even if you terminate employment
- If you already have an HSA, you can keep it or roll it into the Discovery Benefits HSA
Premiums are based on your contribution election. Typically the annual contribution is divided between all remaining payrolls in the calendar year.
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.
- HSA Enrollment Form and Beneficiary Form
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.
A 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.