Health Savings Account (HSA)

Adelphi will fund this account with $875 per year if you elect Individual coverage and $1,750 if you elect EE+1 or Family coverage with the HDHP Cigna medical plan.
APPWLU and Public Safety employees are not eligible for the Adelphi funded HSA account but may contribute their own pre-tax dollars to an HSA account.

An HSA is a great way to help stretch your budget, because you pay for eligible health care expenses with money that is not considered wages—so it is not subject to income taxes.

HSA’s are owned by the employee and therefore are portable.  Contributions do not expire. 

How Does an HSA Work?

• Adelphi will contribute $875 per year if you elect Individual coverage and $1,750 if you elect EE+1 or Family coverage with HDHP Cigna medical plan.
• Employees can also elect to contribute their own pre-tax contributions to the Health Saving Account (HSA) up to the annual maximums:
  • 2024 Individual max: $3,275 
  • 2024 EE+1 or Family max: $6,550 
  • Employees who are 55 years of age or older can contribute an additional $1,000 into their HSA account.
• Use your HSA debit card to pay for eligible health care expenses. Funds are automatically deducted from your HSA.
• The IRS has special rules for pairing HSA accounts and other tax advantage accounts like Health Care FSA’s.  Any employee that chooses to enroll in the HDHP with HSA may not elect the Health Care FSA.
• Per IRS rules, to qualify for an HSA contribution, you must
  • Be enrolled in a high deductible health plan (HDHP), on the first day of the month
  • Not be enrolled in Medicare
  • Not be claimed as a dependent on someone else’s tax return.
• If you plan to apply for Medicare, please consult with your tax advisor regarding when to cease contributions to your HSA to avoid a tax penalty.
• One half (½) of the annual Adelphi funded HSA amount will be available on the first day of the plan year.  The second half (½) of the Adelphi funded HSA will be funded on July 1st. 

What is an HSA?

• It’s a special tax-advantaged account that is used with the Cigna High Deductible Health Plan (HDHP).  Adelphi will fund this HSA account with $875 for individual coverage and $1750 for family and ee+1 elections.
• This account allows you and your family to pay for various qualified health care expenses. 
• You can also elect to contribute your own pre-tax contributions to this account.  It earns interest tax-free.
• Funds are not taxed when withdrawn for qualified health care expenses. There are annual limits set by federal regulations on how much you can contribute, but your balances carry over year to year, earn tax-deferred interest, and belong to you even if you change employers.

Who Is Covered by the HSA?

If you are covered by Adelphi’s High Deductible Health Plan (HDHP) with Cigna, you can use the HSA to pay eligible health care expenses for yourself, your spouse and your dependents.

What Expenses are Covered by the HSA?

The HSA is used to pay for eligible health care expenses not paid by insurance. Sample eligible expenses include:

• Deductibles (amount that must paid before claims are covered), and coinsurance (shared payment of the claim), and Copayments (office, specialists, and ER visits)
• Dental care
• Eye exams, glasses and contacts
• Laser eye surgery
• Orthodontia
• Over-the-counter medical supplies

How Do I Enroll in the HSA?

You are automatically enrolled in the HSA account if you are covered by the Adelphi’s High Deductible Health Plan (HDHP) with Cigna. This benefit is not available to employees covered by EmblemHealth or Cigna PPO.

Employees can also elect to contribute their own pre-tax contributions to the Health Saving Account (HSA) up to the annual maximums:

• 2024 Individual max: $3,275 
• 2024 EE+1 or Family max: $6,550 
• Employees who are 55 years of age or older can contribute an additional $1,000 into their HSA account.

Getting started with your HSA

To start maximizing the benefits of your Health Savings Account (HSA), just follow these four easy steps to establish online access:
Step 1
Create your online account: Log in to myCigna.com and go to the Spending Accounts tile on the main home page. Under your HSA balance, click “Manage HSA” to access the HSA Bank Customer Website.
Step 2
Designate a beneficiary: Navigate to the Accounts section. Under Profile, select Profile Summary to provide information about your chosen beneficiary, including his/her Social Security number and birth date.
Step 3
Add your spouse and/or dependents as authorized signers: While under the Accounts section, you can access the HSA Authorized Signer form on the Profile Summary page.
Step 4
Request additional debit cards (if needed): Finally, under the Accounts section, you can request an additional Health Benefits Debit Card on the Profile Summary page.

Contribute to your HSA

You can contribute to your HSA in a number of ways, including through a payroll deduction, online transfer, or personal check. From saving on taxes and reducing healthcare costs to saving up for the future, the more you contribute, the harder your HSA can work for you.

How to contribute pre-tax HSA funds mid-year:
During the year you can change your HSA amount on a monthly basis. Login to eCampus and select the “My Benefits” icon to start contributions or to make a change.

How much can I contribute?
The IRS limits your maximum annual contribution each year. For the latest updates, visit irs.gov/publications/p969/ar02.html. Or use the HSA Contribution Calculator on HSA Bank to help you determine your maximum annual contribution.

If you are over 55, you may be eligible to make an additional $1,000 catch-up contribution per year.

What if I don’t use all my funds within the year?
No need to worry; there is NO “use it or lose it” penalty. Unused HSA dollars will remain in your account until you need them and can continue to grow tax-free.

Pay for health care expenses

An HSA is a unique, tax-advantage account that can be used to pay for current or future healthcare expenses. Pay directly with your HSA Health Benefits Debit Card, or pay out of pocket and reimburse yourself. You can even use the card in an ATM. (Transaction fees may apply when used with a PIN.)

What’s covered?
An HSA covers IRS-qualified medical expenses, like health insurance deductibles, co-insurance, prescriptions, dental and vision care, feminine products, over-the-counter medications, and more. Visit Irs.gov or cigna.com/expenses for a complete list.

Do I need to submit my receipts?
No. Just be sure to use the money for IRS-qualified medical expenses and save your receipts for tax purposes.

Questions?
Please call the number on the back of your Cigna Health Debit Card 24/7/365