Berea College

The Health Savings Account is available to benefits-eligible Berea College employees who elect our High Deductible Health plan. It allows the employee to payroll deduct tax-free money and place it into an account for medical, dental and vision expenses. The 2022-23 Contribution Limits are $3,550 (single)/ $7,100 (family) which will be broken up over an employee’s paychecks in the July to June Plan Year. Refer to the graphic below if you have any questions. If you are looking to change the amount that you’re contributing to your HSA, please complete the&nbsp;<a href="https://bereaedu.wpenginepowered.com/human-resources/wp-content/uploads/sites/129/2019/09/HSA-Salary-Reduction-Agreement-.pdf">HSA Salary Reduction Agreement</a>&nbsp;and send it to your Benefits Coordinator.

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In order to elect a Health Savings Account, you must be or a High Deductible Health Plan. If you or your spouse contribute to a General Purpose Flexible Spending Account, you are not eligible. You are also not eligible if you are enrolled in a government-sponsored medical plan.

Am I eligible for the HSA?

The HSA follows the college plan year of July to June. However, contribution limits are monitored on a calendar year basis (January to December). It is your responsibility to monitor contribution amounts (the employer contribution is included in the limits).

What is the plan year for the HSA?

To learn about the most up-to-date contribution limits, please refer to the HSA Contributions page.

What are the contribution limits?

Yes. The college will put a fixed amount into your account every year (with your first payroll in July). The amount depends on your coverage level under the High Deductible Health Plan. If it is just employee coverage, you will receive $750 in your account. If it is employee and dependents) coverage, you will receive $1500 in your account.

Does Berea College put money in this account for me?

Yes. Please visit the HSA Contributions page to access the necessary form.

Can I change the amount I'm contributing at any time?

No. All unused money will rollover every year.

Do I lose any of the money year-to-year?

Whatever money is left in your HSA is still accessible to you. You will no longer get the employer's portion or payroll deduct money but you can spend whatever is left in the account on qualified expenses.

What happens to my HSA if I stop working here?

You can use the money on yourself, a spouse and any tax dependents. You can also legally use the money on your domestic partner if they are considered a tax dependent.