University of Colorado faculty and staff who are enrolled in CU Health Plan - High Deductible can update their Health Savings Account (HSA) contributions for 2020 or enroll in an account in the employee portal from 8 a.m. Monday, Nov. 18, to 5 p.m. Friday, Dec. 6.
As the new year approaches, it’s a good time to evaluate current savings strategies and make adjustments. That’s one reason CU gives faculty and staff a way to save for medical expenses with an HSA. This account can be used to pay for medical expenses today, and grow your savings to pay for medical expenses in retirement. Unlike a Flexible Spending Account, there are no time constraints on using your HSA money.
What is an HSA?
Administered by Optum Bank, a Health Savings Account is a way to pay for qualified health care expenses now or in the future. HSAs offer three tax benefits: tax-free savings, tax-free growth, and tax-free spending on qualified medical expenses from today throughout your retirement.
How much can I contribute?
The IRS increased 2020 contribution limits for all HSA account holders. Those 55 or older are allowed a $1,000 catch-up provision.
HSA contribution limits for 2020
- Individual Coverage Limit - $3,550
- Individual Coverage Limit (age 55 or older) - $4,550
- Family Coverage Limit - $7,100
- Family Coverage Limit (age 55 or older) - $8,100
Keep in mind: You may change your HSA election amount at any time.
Learn more at the Employee Services website.
Have questions? Contact an Employee Services benefits professional at 303-860-4200, option 3, or firstname.lastname@example.org.