Are you considering the Consumer Driven Health Plan (CDHP) with a Health Savings Account (HSA) during Benefit Choice this year? The CDHP is a high-deductible health plan as defined by the IRS. CDHP participants may choose any physician or hospital for medical services; however, you receive enhanced benefits, resulting in lower out-of-pocket costs, when receiving services from a CDHP in-network provider. CDHP has a nationwide network of providers through Aetna PPO.
Additionally, participants in the Aetna Consumer Driven Health Plan (CDHP) may be eligible to receive a state contribution toward healthcare expenses through a Health Savings Account (HSA). Make sure you learn about the HSA, and decide if it’s right for you, so you don’t leave money on the table during this year’s Benefit Choice!
What is an HSA?
An HSA is a tax-favored, interest-bearing account that you use to pay for current or future qualified medical expenses. It is available only to participants in the Aetna CDHP. Visit HSA for State Employees to learn more.
How much money will the State contribute to an HSA?
Every year that you participate, the State contributes one-third of the CDHP deductible. For fiscal year 2022, the State will contribute $500 for an individual employee or $1000 for a family.
Am I required to contribute?
No, it is optional for you to contribute your own funds to an HSA. You may choose to contribute an additional amount, and there may be tax advantages to doing so.
What else should I know?
What is the difference between an HSA and the MCAP/FSA?
Since you can participate in one or the other, but not both, there are key differences to know in order to make the choice that is best for you. Watch this 60 second video by Aetna for a quick summary. HSAs are portable, and unlike the MCAP/FSA, there is no “use-it-or-lose-it” rule with HSAs. An MCAP/FSA allows you to use your full annual amount before your contributions have fully accumulated; whereas you may only use your current account balance in the HSA – but only the HSA includes a State contribution.
I am currently enrolled in MCAP and want to switch to HSA for FY22. What do I need to do?
To avoid losing your FY21 MCAP contributions, be sure to submit your claims for eligible expenses incurred July 1, 2020 – June 30, 2021 for reimbursement from any remaining FY21 balance (submit claims no later than September 30, 2021). Do not re-enroll in MCAP during the May 1- June 1, 2021 Benefit Choice period.
How do I enroll in the HSA?
- To enroll in HSA for FY22, log into MyBenefits during the May 1 – June 1, 2021 Benefit Choice period and select the HSA as a companion to your CDHP. Enrollment is required every year to continue participation.
- You must also open an account with PayFlex, the HSA vendor.
Questions?
Contact the MyBenefits Service Center. Bilingual customer service representatives are available.
- Phone: 844-251-1777 or TDD/TTY 844-251-1778
- Hours: 8:00 a.m. – 6:00 p.m. CT Monday through Friday
For other questions, contact University Payroll & Benefits:
This information is not legal, financial, or tax advice. You should consult with a legal, financial, or tax professional for assistance with your individual circumstances
