Eligibility

Employees must enroll in the Hi Deduct HP to be eligible to contribute to an HSA.

Ownership

HSAs are individual accounts (owned by the employee).  Accounts are portable if employee leaves Robert Morris University or changes healthcare coverage.

Contribution Options

Payroll Deduction through Robert Morris University – deductions are taken on a pre-tax basis either monthly or in one lump sum of your annual election. Robert Morris University pays applicable PNC Global account fees.

Direct Account – employees may open their own account with any financial institution that offers and administers HSAs.  Contributions are made on an after-tax basis (may be tax deductible).  Employee is responsible for any account fees.

Annual Contribution Limits

 $3,050 – single coverage^* / $6,150 – family coverage^*

• Annual maximums must include contributions and fees/expenses paid by Robert Morris University on behalf of employees (i.e., $3.50 monthly account fee).

Taxability of Contributions

Contributions are pre-tax through payroll deduction or may be tax deductible if made direct. Investment earnings are not taxed. Withdrawals for qualified expenses are not taxed.

Non-taxable Withdrawals

Qualified medical expenses as defined in IRC Section 213(d) - generally any expense intended to alleviate or prevent a physical condition or illness, including vision and dental expenses. Premiums for long-term care insurance, COBRA, health insurance while unemployed and Medicare (Parts A, B, C, and D) – not Medigap.

Taxable Withdrawals

Non-medical expenses (subject to ordinary income tax and 10% excise tax) if made before age 65.

Unused Funds

Unused HSA funds may 'roll over' from year to year without limit.

Participation in Health Care Flexible Spending Account (FSA)

Employees participating in the Health Care Flexible Spending Account are not eligible to contribute to an HSA.

Updated:  11/30/2009