Health Savings Account (HSA)
A Health Savings Account (HSA) is a personal savings account to help pay for qualified expenses not covered by medical, dental or vision insurance plans with pre-tax dollars. Pre-tax means that the cost of your benefits is deducted from your paycheck before taxes are calculated, and you are therefore only taxed on your remaining paycheck balance. You pay less taxes with this option. Each year, the money in your HSA rolls over. There is no “use it or lose it provision.” In fact, even if you leave DPS, your HSA and the money in it is yours to keep. Contributions, including DPS contributions and Well Aware money, cannot exceed the annual IRS contribution maximums.
All benefits-eligible employees who are enrolled in a Consumer-Driven Health Plan (CDHP) are qualified to enroll in an HSA.
Click here, to find out if you are eligible to open and fund an HSA.
DPS will help you start saving by contributing $27.92 per paycheck to your HSA. If you are enrolled in an HMO medical plan and are therefore not eligible to open an HSA, DPS will apply a $27.92 discount to your medical insurance premium on each paycheck.
You can also receive an additional $200 contribution by completing an online Health Risk Assessment and by being up-to-date on all your age and gender specific preventive screenings, through the Well Aware Campaign.
You can change how much you contribute to the account at any point during the year. Change your monthly contribution to your HSA by simply completing the Health Savings Account (HSA) Contribution Form and emailing it to Connect_HumanResources@dpsk12.org.
Use this calculator to estimate your annual eligible expenses and determine an annual HSA election amount that’s right for you and your family.
Things to consider when contributing to an HSA +
- You must establish an HSA prior to the date of service for expenses to be eligible for reimbursement.
- Like a bank account, you must have a balance in order to pay for eligible health care expenses.
- HSA funds can be used for your expenses and those of your spouse and eligible dependents, even if these individuals are not covered by the Aetna CDHP or Kaiser CDHP. (dependent children must be your tax dependent.)
- If you open and fund an HSA, you can contribute to a HSA-Compatible FSA.
- Employee HSA contributions are PERA-includible, meaning they are included in your PERA-reported annual income. Please contact PERA with any questions at 303-832-9550.