Health Savings Account 2021
All active, benefits-eligible employees enrolled in Basic Health are also enrolled in, and must be eligible for, a Health Savings Account (HSA). HSA funds can be used for eligible health care, prescription, dental, and vision expenses. HSA funds roll over each year and are yours to keep for future health care costs.
If you did not enroll in the Basic Health plan option, you can review these options.
There are no changes to Health Saving Account contributions for Plan Year 2021.
2020 elections for FSAs and HSAs will NOT automatically carry over to 2021.
- Re-Elect Your HSA in Workday
- To continue your HSA, you must re-elect the program for 2021 during Open Enrollment
- If you do not re-elect and you had an HSA in 2020, your benefit will be elected, with employer contribution, but with $0 employee contribution
- You can add your employee contribution at any time in Workday
- Sign Your HSA Affidavit
- If you are enrolling in Basic Health for the first time, don't forget to sign the HSA Affidavit, which will show up as an additional action item in your Workday inbox
- Even if you do not want to contribute to an HSA, you must sign and return the affidavit so UVA can deposit its employer contribution. You will be moved to Value Health if you do not.
- Spend 100% of FSA Funds Before December 31, 2020
- If you currently have a health care FSA and are switching to Basic Health with an HSA, you must deplete 100% of any remaining funds in your FSA before December 31. If you do not, your HSA will not be set up until April and you will miss out on any contributions you would like to make.
- Complete the Banking Forms
- After enrolling in Workday for your HSA, complete the banking form 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
- 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.
- Reminder: 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.
- Listen to the HSA/FSA Podcast to learn more about the difference between HSAs and FSAs.
- 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 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)