Health Savings Account-Available only if you select the Consumer Driven Health Plan
Administered by Wage Works
Features of a Health Savings Account (HSA)
An HSA provides you with flexibility in how you pay for medical services today and in the future.
- Tax Advantages: Your contributions to your HSA come out of your paycheck before taxes are withheld, so every dollar that goes toward your HSA reduces your taxable income. Participants can also make contributions to the HSA with after-tax dollars. (Because this is a tax-favored account, there are IRS limits on annual contributions; see chart below for details.)
- Use It Today: Pay for regular health care expenses, including deductibles, coinsurance, copayments, and prescription drugs, with an easy-to-use debit card.
- Save for Tomorrow: If you save more money than you spend on health care expenses in the plan year, you can use that money in the future. Any money remaining in this account at the end of the plan year rolls over into the next year—and, even if you leave Villanova, the money remains yours.
- Invest for Your Future…Tax-Free: Once the balance in your HSA reaches $1,000, your funds will be automatically directed into the investment you select—helping you build savings for your future. When used to pay for qualified medical expenses, distributions from your HSA are tax-free.
- Catch-up Contributions: Employees 55 years of age or older can contribute additional dollars to their HSA. See the chart below for details.
|Coverage Level||HSA Contribution||HSA Contribution for 55+|
(Total includes: $2,750 employee contribution plus $600 Villanova contribution
(Total includes: $2,750 employee contribution plus $1,000 age 55+ catch-up contribution plus $600 Villanova contribution
(Total includes: $5,450 employee contribution plus $1,200 Villanova contribution)
(Total includes: $5,450 employee contribution plus $1,000 age 55+ contribution plus $1,200 Villanova contribution)
*For illustrative purposes, the chart assumes that an individual did not participate in the annual NOVAfit! Personal Health Assessment and Health Screening Campaign. If you participated, HSA contributions could increase to $750 individual and $1,425 family. Please note that this will reduce the amount of employee contributions accordingly.