Health Savings Account (HSA)
Faculty, Administrative Professionals, and Other Non-Classified Staff
If you enroll in the Ram Plan – HDHP, you are eligible to participate in the Health Savings Account (HSA) administered by Fidelity Investments. An HSA is designed to help you save and pay for healthcare expenses such as deductible or co-insurance, for medical, dental, and vision. It offers triple-tax savings by allowing to you to save now and for the future, if you do not spend your account balance. The HSA belongs to you and the money in the account is yours to keep, even if you leave CSU.
Note: You may not enroll in an HSA with the Green, Gold or POS plans as they do not meet the specified regulatory requirements for a high-deductible health plan.
You must meet several IRS eligibility requirements in order to establish and contribute to an HSA. It is your responsibility to determine if you are eligible:
- You must be enrolled in an HSA eligible health plan on the first day of the month. For example, if your coverage is effective on May 15, you are not eligible to contribute to or take a distribution from your HSA until June 1.
- You cannot be covered by any other health plan that is not an HSA-eligible health plan.
- You cannot currently be enrolled in Medicare (even Part A).
- You cannot be claimed as a dependent on another person’s tax return.
If you open an HSA and do not meet the above criteria, your contributions, any investment earnings, and distributions may be subject to income taxes, penalties, and/or excise taxes. The IRS has specific rules on who can open an HSA. See those rules in IRS Publication 969. Additionally, in order to open and contribute to an HSA, you must have a valid U.S. address.
Also, if your spouse has a health care flexible spending account (FSA), then you won’t be able to be enroll in the Ram Plan or make contributions to your HSA.
2022 IRS Contribution Maximums:
- $3,650 for an individual
- $7,300 for family coverage, includes employee +1 coverage
- If you are over age 55, you may contribute an additional $1,000 per year.
- Note: IRS contribution maximums are reduced by the $500 CSU employer contribution.
Changing your Contribution: You are allowed to change your contribution throughout the year, if you wish. Please contact the HR Service Center at MyHR@colostate.edu to request a change. A window will be opened in Employee Self-Service for you to update your election.
While CSU is required to report HSA contributions on your Form W2, it is your responsibility as the individual account owner to not exceed the IRS allowed maximums.
Yes. To help you build your account, CSU contributes $500 to your HSA account if you elect the Ram Plan-HDHP each calendar year.
For newly eligible employees, the contribution is made the first of month following your enrollment into the HSA. Open enrollment contributions are made in early February.
No. You never lose funds in an HSA as they roll over from year to year. While CSU is required to report HSA contributions on your Form W2, it is your responsibility as the individual account owner to not exceed the IRS allowed maximum.