University of Colorado faculty and staff who are enrolled in CU Health Plan - High Deductible can update their Health Savings Account (HSA) contributions for 2020 or enroll in an account in the from 8 a.m. Monday, Nov. 18, to 5 p.m. Friday, Dec. 6.Ìý
As the new year approaches, it’s a good time to evaluate current savings strategies and make adjustments. That’s one reason CU gives faculty and staff a way to save for medical expenses with a Health Savings Account (HSA). This account can be used to pay for medical expenses today, and grow your savings to pay for medical expenses in retirement. Unlike a Flexible Spending Account, there are no time constraints on using your HSA money.
What is an HSA?
Administered by Optum Bank, an HSAÌýis a way to pay for qualified health care expenses now or in the future. HSAs offer three tax benefits: Tax-free savings, tax-free growth, andÌýtax-free spending on qualified medical expenses from today throughout your retirement.Ìý
How much can I contribute?
The IRS increased 2020 contribution limits for all HSA account holders. Those ageÌý55 or older are allowed a $1,000 catch-up provision.
HSA contribution limits for 2020 are:
- Individual coverage limit:Ìý$3,550
- Individual coverage limit (age 55 or older):Ìý$4,550
- Family coverage limit:Ìý$7,100
- Family coverage limitÌý(age 55 or older):Ìý$8,100
Keep in mind: You may change your HSA election amount at any time.
Learn more at the .Ìý
Have additional questions? Reach out to an Employee Services benefits professional at 303-860-4200, option 3 or benefits@cu.edu.
