Health Savings Accounts or HSAs are accounts available to you when you enroll in a Consumer Driven Health Plan (CDHP). At OESU, we offer the Gold CDHP and Silver CDHP plans through VEHI. In order to receive the employer contribution to the HSA, you must be enrolled in the Silver CDHP plan.
The 2021 IRS maximum contributions for a household are as follows:
- Single: $3,600
- Two-Person, Parent & Child/ren, or Family: $7,200
- Age 55+ has an additional catch-up contribution amount of $1,000
Employer contributions count toward your annual IRS limit. The employer contributions are as follows:
- Licensed Teachers & Administrators
- Single tier: $2,100
- Two-Person, Parent/Child(ren), & Family tiers: $4,200
- Non-Licensed Staff
- Single tier: $2,200
- Two-Person, Parent/Child(ren), & Family tiers: $4,400
The following will make you ineligible for an HSA:
- You can be claimed as another person’s tax dependent.
- You are entitled to Medicare benefits (i.e. age 65+)
- You are eligible for Tricare benefits
In addition, some VA benefits may disqualify you. Further conversation may be required.
If you have any additional health care coverage to the plan elected through OESU, it must also be a CDHP plan in order to remain eligible for an HSA.
To elect a Health Savings Account for 2021, please complete the following:
- HSA Eligibility Certification
- We will send your information to csONE to create your HSA account once you have selected HSA on your BCBSVT Enrollment Form.
- If you would like to make your own payroll contribution, pre-tax, you must complete the HSA Election Form
To transfer from an old HSA into a csONE HSA, please complete an HSA Transfer Form.
You may not elect a Medical Care Flexible Spending Account (FSA) when you have elected an HSA. You may, however, choose to enroll in a limited-purpose FSA to cover additional dental and vision expenses. For more information or to enroll, please visit the Medical Care FSA page.
Dependent adult children may have limited coverage under your HSA, even if they can be covered on your health insurance. Adult children (i.e. 18 or older) must meet the following criteria in order for an employee to use their HSA for their child(ren):
- Has the same principal place of abode as the covered employee for more than one-half of the taxable year.
- Has not provided more than one-half of his or her own support during the taxable year.
- Is not yet 19 (or, if a student, not yet 24) at the end of the tax year, or is permanently and totally disabled.