If you are currently enrolled in a Consumer Directed Health Plan (CDHP) or are considering enrolling in a CDHP for 2015, here are a few reminders:
- The CDHP has a lower monthly premium balanced with a higher annual deductible and a higher out-of-pocket maximum.
- To enroll in a CDHP, you must meet the IRS eligibility requirements.
- The maximum contribution to the HSA for 2015 includes the employee/ employer contribution and the $125 Wellness Incentive, if applicable. You can contribute up to $3,350 for an individual and $6,650 for an employee with one or more family members on the account. Employees ages 55 or older may contribute up to an additional $1,000. Be sure to verify you are not exceeding the maximum allowed for the year.
- WSU contributes $58.34 per month ($700.08 per year) if you are enrolled as an individual, and $116.67 per month ($1,400.04 per year) if you are enrolled with one or more family members.
- You may make contributions through payroll deduction or make a deposit directly into the HSA.
- The HSA funds are yours to use to help pay for IRS-qualified, out-of-pocket medical expenses. The funds carry over from year-to-year, and remain yours even if you are no longer enrolled in the CDHP, leave your job, or retire.
More information about the CDHP and the HSA is available on the PEBB website.
