In combination with Miami's qualified High Deductible Health Plan, the HSA gives you a way to pay for qualified healthcare expenses now and grow your savings for future healthcare needs.
Miami contributes 50% of the in-network deductible each plan year into your health savings account when you choose the HDHP.
A Health Savings Account (HSA) is a tax-free bank account that helps you:
Your HSA contributions don't count toward your taxable income for federal taxes. They're not taxable in most states, as well.
You, Miami, or both can contribute tax-free money to an HSA. Since the money always belongs to you, even if you leave the University, and unused funds carry over from year to year, you never have to worry about losing your money.
You may choose not to contribute to your HSA, or contribute up to the IRS maximum for the year. You may also change the amount you contribute (PDF 809KB) each pay period at any time of the year.
Single coverage: $3250
Family/Employee Plus coverage: $6450
There is an additional $1000 employee contribution allowed per year for those members who are age 55 and older.
IRS-defined qualified expenses include
You can have both a flexible spending account (FSA) and a health savings account (HSA), but the FSA would be limited to dental and vision expenses only, not medical expenses that are covered by your health insurance.
The HSA account is offered through Humana’s banking partner, United Missouri Bank.
Although you do not need to submit receipts, you should always save your receipt - the IRS may ask for proof your expense is eligible. So spend your money on eligible items only. You can only spend money that is actually in your account. You can only use your HSA for expenses you incurred after the HDHP and HSA were open. There is no time limit on reimbursements.
When you enroll in an HSA you receive a HumanaAccess Card that you may use to draw any accrued money from your account. You can swipe the card or write the number on a bill to pay your provider – you can use the card for partial payments as well. The Visa card can be used only for eligible expenses at certain locations. If you choose, you can pay by another method, and get reimbursed from your account via the MyHumana website.
Because there is no copayment with the high deductible plan, you do not pay anything up front. You present your Humana insurance card at the time of service, and do not pay until you have received both your explanation of benefits (PDF 690KB) and provider's bill for comparison. Then you can pay the allowed amount using your HSA funds.