Optional Benefit: Health Savings Account
We are pleased to announce that West Virginia public higher education employees will have a new health savings account (HSA) plan option to consider for their benefit needs in 2022.
A Health Savings Account (HSA) is a tax-free account that can be used to pay health care expenses. Only West Virginia public employees who have enrolled as the primary policyholder in PEIA Plan C (high-deductible plan) are eligible to enroll in a HSA. Advantages of a HSA include:
- A HSA is is owned by the employee. If you leave employment, you can take the account with you.
- Unlike a Flexible Spending Account (FSA), the funds do not have to be spent in the plan year they are deposited.
- Employees may make pre-tax contributions to their HSA account.
West Virginia public higher education employees have the option of selecting one of two Health Savings Account vendors:
Option 1: TIAA Health Equity - NEW FOR 2022
Option 2: Mountaineer Flexible Benefits (FBMC) in partnership with PayFlex
- Single Coverage may contribute up to $3,600 per year.
- Family Coverage may contribute up to $7,200 per year
- Over age 55 may make additional $1000 “catch-up” contributions per year.
- You are covered under a high deductible health plan (HDHP), which for public higher education employees means PEIA PPB Plan C
- You have no other health coverage
- You aren’t enrolled in Medicare
- You are not claimed as a dependent on someone else’s tax return
Option 1: TIAA HSA administered by Health Equity
New for 2022! TIAA is working with HealthEquity to provide an integrated, online HSA experience. HSA funds are held in one of two cash account options offered by HealthEquity. Once your balance in the cash account is $1,000 or more, you can allocate to a diversified menu of mutual funds.
- How HSAs work
- Consider Opening a TIAA Health Savings Account
- TIAA HSA Online Resources
- TIAA Tri-fold brochure
- TIAA FAQs
- TIAA HSA Fee Schedule
- Medicare and your HSA
- Medicare Fundamentals: Guide to Planning for Healthcare in Retirement
- Using your HSA for qualifying medical expenses
- Transferring your HSA