Health Savings Account (HSA)
Baylor employees who elect in the High Deductible Health Plan for medical insurance coverage can choose to elect into a Health Savings Account (HSA). A health savings account (HSA) is a tax-exempt savings account into which both the employer and employee can deposit money (up to an annual limit specified by the IRS) on a tax-preferred basis.
NOTE: If, for whatever reason, you are enrolled in an HSA-qualified HDHP for a partial year, the maximum HSA contribution for that year must be pro-rated; meaning you must be in proportion to the number of months you were covered by the HDHP.
|Participant||Baylor Contribution||Employee Maximum Contribution|
|Employee + Family||$1,200||$7,100|
NOTE: Employees over the age of 55 may be eligible to make a $1,000 catch-up contribution.
|2024 HSA Limits||Individual||All Other Tiers|
|Baylor's HSA Contribution||$600||$1,200|
|Employee HSA Contribution||$3,550||$7,100|
|2024 HSA (Basic) Limit||$4,150||$8,300|
|Over Age 55 Contribution||$1,000||$1,000|
|Maximum 2024 HSA Limit||$5,150||$9,300|
- Employees who wish to participate in an HSA must be enrolled in the High Deductible Health Plan (HDHP)
- Employee cannot be Medicare or Tricare eligible
- Employee cannot be claimed as a dependent on another person's tax return
- Employee cannot be enrolled in any other non-qualified medical plan
- Employee cannot be covered by spouse's Healthcare Flexible Spending Account (FSA)
- Employee cannot have received veteran's health benefits, with the exception of service-related disability
- Changes to HSA elections may be modified or revoked anytime during the plan year without having a change in status.
- Any balance left over at the end of the year stays with the individual, available regardless of job changes or retirement.
- Adult Children: An adult child must be a tax dependent in order for their medical expenses to qualify for payment or reimbursement from a parent's HSA. If account holders can't claim a child as a dependent on their tax returns, then they can't spend HSA dollars on services provided to that child.
HSA Related Topics & Resources
The below resources are available and usable through December 31, 2023.