CDHPs have lower monthly premiums, offset by a higher deductible and out-of-pocket max. These plans are paired with a HSA, which WSU contributes $58.34/employee or $116.67/family monthly. You may also make HSA contributions pre-tax thru payroll deduction.
The HSA max contribution limit for 2024 is $4,150/employee only or $8,300/families. This includes both your and WSU contributions, as well as the $125 SmartHealth Incentive if earned. Those age 55+ may contribute an additional $1000/yr.
- HSA funds can be used on qualified medical expenses, and carry forward year-to-year. Funds remain yours even if you disenroll from a CDHP or leave WSU.
- Contributions made through payroll deduction lower your federal and FICA taxable income. The earnings are tax-free, and the funds remain tax-free if utilized for eligible health expenses.
- CDHP enrollees must meet IRS eligibility requirements. If near or over age 65, speak with a tax advisor; Medicare A and/or B enrollees may not have contributions to a HSA, and if they do there are tax implications.
- During OE, CDHP/HSA enrollees may also enroll in a Limited FSA to cover vision and dental expenses in 2024.
Visit HSA info or HRS Open Enrollment for more information. On the OE website, you will also find a recorded presentation on the CDHP and associated Health Savings Accounts, as well as a schedule of a Zoom presentation on Nov. 15.
Contact HRS Benefits at 509-335-4521 or hrs.benefits@wsu.edu with questions.
