CU’s Health Savings Account record keeper changing hands

The University of Colorado’s Health Savings Account record keeper will change from Wells Fargo to Optum Bank on Jan. 1, 2017.

As part of this transition, the university will change its HSA enrollment from a fiscal year (July 1 to June 30) to a calendar year (Jan. 1 to Dec. 31).

Employee Services also will hold a limited HSA enrollment from Nov. 28 to Dec. 9. During the enrollment period, current HSA enrollees can select how much money they would like to place into an HSA for 2017. 

The 2017 HSA contribution limits are $3,400 for an individual and $6,750 for a family. Employees over age 55 may contribute an additional $1,000 per year.

“Moving to a calendar year enrollment will make managing an HSA easier for CU employees, primarily because this change makes annual contribution limits easier to calculate and monitor,” said Michelle Martinez, director of Benefits Administration with Employee Services.

Employees who do not enroll during this period may still enroll in a HSA in 2017, but might miss HSA deductions from their upcoming paychecks.

The transition was set in motion in May 2016 when Wells Fargo sold its HSA business to Optum, a part of United Health Group.

Employees with questions about the transition or who need assistance enrolling may call an Employee Services benefits professional at 303-860-4200, option 3, or email benefits@cu.edu.

For more information on the HSA enrollment period, visit this website.