Save money for your health needs

Health Savings Account (HSA)


COVID-19 CARES Act Communication:

  • Chard Snyder Access from Foreign Countries. Due to increased security concerns and for the safety of the consumer accounts. Chard Snyder does not allow consumer portal access or mobile app access from foreign countries.
  • Learn how the Federal CARES Act Impacts Your Health FSA/HSA. Read the message from Chard Snyder.

HSA Highlights

  • Available to those who are enrolled in Basic Health
  • Used for eligible health care, dental, and vision expenses
  • Balances roll over each year and accrue interest; you get to keep the balance even if you leave UVA
  • Both employees and employers can make pre-tax contributions up to the IRS annual limit. For those age 55 and older, there is an additional catch-up amount allowed.
  • Contributions are accepted starting the first of the month after the bank opens the account and can be used to pay claims with dates of service on or after the first of the month after the bank opens the account.  Funds become available after deposited by the third bank day after payday.
  • Can be used with a dental/vision-only Limited Flexible Spending Account (LMT)
  • During your initial Basic Health enrollment, you can complete banking forms in order to allow employer/employee deposits (Additional info may be needed to do this. If so, you’ll be contacted and given next steps)
  • Once your HSA has a balance of $1,000, you may invest it in mutual funds; any growth from the investment is tax-free, so long as it is used on eligible medical expenses (You can refer to HSA Instructions in the resources below for details on what is considered eligible)

Eligibility

  • Who is Eligible?

    All active, benefits-eligible employees enrolled in Basic Health are able to have an HSA. View the HSA eligibility grid. You must be eligible for an HSA in order to enroll in Basic Health. 

    You are eligible for an HSA if:

    • You are not a wage employee
    • You do not hold a J-1 visa
    • You are not enrolled in Medicare or Medicaid, or are listed as a dependent on someone else’s tax return
    • You, or your spouse, do not have a balance in a full healthcare FSA, are part of a FSA grace period, or your plan year is not over
    • You have not received healthcare benefits from the Veterans Administration (TRICARE) within the last 3 months
    • You do not have a spouse or parent enrolled in a healthcare plan (including a Health Reimbursement Account) that provides you benefits before meeting the annual IRS minimum deductible
    • You have not already contributed the annual federal limit to another HSA, Medical Savings Account (MSA), or HRA in the same calendar year.
  • Can I be enrolled in both Medicare Part A and a Health Savings Account?

    IRS regulations state that contributions cannot be made to HSA accounts of those who are enrolled in Medicare. It doesn’t matter that Medicare Part A is premium-free. It doesn’t matter if you don’t use your Medicare Part A coverage. It only matters if you’re enrolled in Medicare Part A. If you are, you cannot be enrolled in the UVA HSA Program. Since you must be eligible for an HSA in order to enroll in Basic Health, you cannot be enrolled in Basic Health if you’re enrolled in Medicare Part A, either. The same is true if you’re enrolled in Medicare Part B. Review the Health Savings Accounts section on page 20 of the Medicare handbook for more information.

  • Limited Flexible Spending Accounts

    If you are enrolled in a Health Savings Account, you are not eligible for a Full Healthcare Flexible Spending Account, but you can enroll in a Limited and/or Dependent Daycare Flexible Spending Account to maximize your savings. Learn more about a Limited Flexible Spending Account.

2021 Contributions

  • UVA Employer HSA Contribution

    Depending on your employee type, UVA may contribute money to your HSA to help offset the higher deductible. Currently, UVA contributes money to open HSA accounts in the UVA Health Savings Account Program for permanent full- and part-time benefits-eligible academic and medical center employees who are enrolled in the UVA Health Plan's Basic Health option and are active employees receiving a paycheck on the date UVA makes this contribution. Wage employees enrolled in Basic Health are not part of this population. These funds roll over from year-to-year and are yours to keep and use for eligible expenses even if you switch to another UVA Health Plan option or leave the University.

    Based on whether you are covering only yourself with Basic Health, or other eligible dependents, you will receive the following employer contribution:

    • Employee Only: $1,000
    • Family: $1,500

    The annual employer contribution from UVA will be prorated in the following instances:

    • New hire enrollments and employees who are newly eligible for benefits
    • Employees who have delays in opening their HSA accounts (contribution will be provided the month following account activation with Chard Snyder.)
    • UVA employer contributions will not change for any employee who gains or loses a dependent in the same calendar year
  • Employee HSA Contributions

    There are no changes to Health Saving Account contributions for Plan Year 2021.

    You may choose to contribute to your HSA, though you are not required to do so. Employee contributions made by payroll are deducted before taxes. Each year, the IRS sets a contribution limit. This limit includes employer and employee contributions and is per household.

    • If electing to make an employee contribution, the minimum per year is $120
    • You and your employer can contribute a maximum of $3,600 for employee only, or $7,200 for employee + dependents. These are pre-tax dollars reserved for health care expenses and carry over beyond your retirement.
    • Those age 55 and older may make an additional catch-up contribution of up to $1,000 per year
    • If your HSA employee deductions aren’t taken from your paychecks because you don’t have enough earnings, the missing deductions will be taken from future paychecks when you again have enough earnings to withhold HSA deductions. Workday will only take one additional missing HSA deduction from each future paycheck in addition to any current deduction until all missing deductions are paid.

    Keep in mind, the limits above includes employer and employee contributions.

    For example, You are under 55 if you want to contribute the maximum of $3,600 to your HSA and are eligible to receive $1,000 in employer contributions, you would elect $2,600 as the employee contribution, to meet the maximum IRS limit for the year of $3,600. 

  • Managing Contributions

    Employer contributions for those enrolled in the HSA Program on January 1st are sent to your Chard-Snyder account following your first benefits deduction payroll of the calendar year. 

    Balances roll over each year and accrue interest, and you keep the balance even if you leave UVA.

    Once you have a balance of $1,000 in your HSA, you may invest it in mutual funds; any growth made from the investment is tax-free as long as it is used on eligible medical expenses.

How it Works

  • How does it work?

    HSAs work like a regular savings account. When you sign up for Basic Health, you must complete banking forms that will go to Chard Snyder, the company that administers UVA’s HSAs, FSAs, and Dependent Daycare Reimbursement Accounts. Contributions are accepted into new HSAs the month after the account is opened by Chard Snyder.

    For example, if you are a new employee who signs up for Basic Health in mid-August, your HSA may be opened in September. Your prorated UVA annual employer contribution, and any contributions you choose to make by payroll deduction, would go into your account starting in October.

    Sometimes Chard Snyder may request more information to open an account. Be sure to follow up on any requests to get your HSA opened in a timely manner. Anyone with a PO box as their home address in Workday will have their request to open a health savings account rejected by Chard Snyder and will be required to update their PO box to a physical address before their HSA can be opened. 

    Funds deposited into Health Savings Accounts will be available to spend three bank days after the payday when they are deposited. After contributions are in your account and available, there are two ways to use those funds for eligible expenses:

    • Use your prepaid benefits card, the Benefits Card, at the time of purchase for eligible expenses. See below for more information about the Benefits Card.
    • Submit claims or make payments from your accounts online through Chard Snyder’s website.

    Always remember to keep receipts for your records and to illustrate the funds were used properly in the event of an IRS inquiry.

  • Investing your HSA in Mutual Funds

    Once you have a balance of $1,000 in your HSA, you may invest it in mutual funds. Sign into your HSA account at www.chard-snyder.com and click on "Manage Investments" to setup your automatic investment transfer threshold and choose your investment options.  Review the most current fund lineup for your HSA investments at Healthcare Bank. 

    New investment account options are available effective November 5, 2020. In addition, less expensive share classes are being offered by Healthcare Bank for several current investment options. All balances in investment options with new share classes will automatically be transferred from the old, more expensive classes to the new, less expensive share classes. Read about the investment account option changes.

  • Register at www.Chard-Snyder.com

    Your first time using Chard Snyder’s website to access your HSA information, you must register your account.

    • Go to www.chard-snyder.com and click on “Login.” Under “Employees,” click on “Access your FSA, HRA, HSA Advantage, TRP accounts.”
    • Under “New User?” click on “Create your new username and password.”
    • Follow the prompts to create your username and password. It will ask for your social security number or Employee ID (found on your UVA ID card), so have that information handy.
    • Begin using the Chard Snyder website to access your HSA information.
  • Check your account balance, view transactions, and make payments

    To access your account information, and tools for spending HSA funds, follow these steps:

    • Go to www.chard-snyder.com and click on “Login.” Under “Employees,” click on “Access your FSA, HRA, HSA Advantage, TRP accounts.”
    • Enter your login credentials.
    • Use buttons on the home screen or other pages you can navigate to from there to manage your account.
  • Use your Benefits Card

    When you first open an HSA, and/or a limited FSA, with Basic Health, you will receive your prepaid benefits card, the Benefits Card, in the mail to your home address. If you have had an account managed by Chard Snyder previously while at UVA, you will reuse the same Benefits Card you already have, even when changing your account type. Benny Cards are reused, so keep your card from year to year.

    • Before using your Benefits Card, activate it following the included instructions.

    • Use the card to pay for eligible expenses. Benefits Cards are smart cards, meaning they will only work for allowable expenses.

    • If you have more than one account, such as a limited FSA and an HSA, the Benefits Card is usually smart enough to pull from the correct account. For example, if you go to the dentist and use your Benefits Card, it would pull funds from your limited FSA first, as those funds are use-or-lose because they don’t rollover from year-to-year.

    • To be sure funds have been used from the account you intended, always confirm transactions by logging into Chard Snyder.

    • Always keep your receipts.

  • Switching from FSA to HSA

    It is very important that if you signed up for Basic Health for the first time, and if you currently have a Full FSA, that you deplete your Full FSA balance to $0.00. If you do not have a zero balance in your FSA by January 1:

    • Your HSA cannot be opened and you cannot make employee contributions until April 1
    • Deposited funds become available for use on the third bank day after payday
    • You may not use money in your account to cover expenses incurred prior to April 1

FAQs

  • Help me Understand the health Savings Account and Flexible savings account

    All active, benefits-eligible employees enrolled in Basic Health are able to have a Health Savings Account (HSA). Funds in your HSA can be used for eligible health care, dental, and vision expenses. Funds in these accounts roll over each year and are yours to keep for future health care costs.

    If you are enrolled in a Health Savings Account, you are not eligible for a Full Healthcare Flexible Spending Account, but you can enroll in a Limited and/or Dependent Daycare Flexible Spending Account to maximize your savings.

    A Flexible Spending Account (FSA), makes it possible for you to pay for certain expenses on a pre-tax basis, which makes your money go farther.

    Here are resources to help you learn more:

  • When will i receive my HSA funds after selecting Basic Health for the first time?

    After moving to Basic Health, you must complete banking forms that will go to Chard Snyder, the company that administers UVA’s HSAs, FSAs, and Dependent Daycare Reimbursement Accounts. Contributions are accepted into new HSAs the month after the account is opened by Chard Snyder. Sometimes Chard Snyder may request more information to open an account. Be sure to follow up on any requests to get your HSA opened in a timely manner.

    • UVA contributes either $1,000 (employee only) or $1,500 (employee plus) once your account is opened, and the funds will show up in your Chard Snyder account and on your second payslip in January 2021
    • If you were hired in December, you may not have your HSA funds available until February 2021
    • Funds deposited into your Health Savings Accounts will be available to spend three bank days after the payday when they are deposited. There are two ways to spend those funds for eligible expenses:
      1. Use your prepaid benefits card, the Benefits Card, at the time of purchase for eligible expenses
      2. Submit claims or make payments from your accounts online through the Chard Snyder website
  • how much should i contribute to my hsa?

    If you are enrolled in the Basic Health plan with HSA, you should contribute as much as you can afford, up to the annual maximum, since the HSA offers several tax advantages that make it an excellent long-term savings vehicle.

    At the very minimum, you should contribute enough to cover the average out-of-pocket costs that you will likely incur over the course of the year. This strategy makes it more likely that you’ll have the funds on hand to cover the medical care you will need. And, as bonus, if you end up with extra funds at the end of the year, you get to keep that money to cover future medical expenses – including in retirement. 

  • does the hsa contribution limit include employer contribution?

    Depending on your employee type, UVA may contribute money to your HSA to help offset the higher deductible.

    You may choose to contribute to your HSA, though you are not required to do so. Employee contributions made by payroll are deducted before taxes. Each year, the IRS sets a contribution limit. This limit includes employer and employee contributions and is per household.

  • why is my physical address needed to open an hsa?

    Anyone with a PO Box as their home address in Workday will have their request to open a health savings account rejected by Chard Snyder. It is a Patriot Act requirement to have a physical address on file before the HSA can be opened.

    Please verify your contact information contains your physical address within workday during Open Enrollment.