Is a Health Savings Account (HSA) Right For You?

10/25/17

Our annual re-enrollment period is just around the corner and it's time to consider your plan options. One consideration is our high deductible health plan with an HSA (health savings account)

Take a look at some of the advantages of being enrolled in the HDHP with an HSA:

• Lower premiums with a higher deductible. Don't stop reading here! IC makes a generous contribution towards the deductible to get you started on the HDHP,  making it a cost effective option for many different employees with different needs.
• Have more control over your healthcare spending. Having an HDHP with HSA means taking an active role in the cost of your healthcare. As with any purchase, you can compare healthcare costs to get the best value for your HSA dollars and save money.
• Any unused HSA funds roll over from year to year and your HSA stays with you even if you switch employers or plans.
•  Make your money work for you. You can earn interest on the funds in your HSA and you have investment options when you reach a certain balance.
• An HSA can be used as investment tool for healthcare expenses in your retirement.  

Things to consider before enrolling in an HDHP with HSA:

• If you are enrolled in another health plan that pays out of pocket healthcare expenses, you are not eligible for an HSA contribution.
• If you are enrolled in any part of Medicare or Medicaid, you are not eligible for an HSA contribution. If your spouse is enrolled in Medicare, you may still be eligible.
• If you receive Tricare or VA benefits, you are not eligible for an HSA contribution.
• If you or your spouse have a general purpose healthcare flexible spending account or health reimbursement account, you are not eligible for an HSA. 

For a comprehensive Consumer Guide to Health Savings Accounts, please click here.

If you are interested in personalized assistance in determining if the HDHP with HSA is right for you, check out ALEX®.  IC's new online benefits counselor can help you determine what plans are right for you. A link to ALEX® will be available shortly.

Come by the Annual Ithaca College Employee Benefits & Work/Life Fair on Tuesday, October 31st from 10am to 2pm in Emerson Suites to meet ALEX®, or to talk to our Aetna Representatives about any questions you have. Benefit eligible faculty & staff only please. Bring your College ID to enter.

In addition, our Aetna representative will be available for one on one meetings during our annual re-enrollment to assist you in looking at which medical plan will best meet your needs. See our Aetna Drop-In Schedule.

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