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.

Contribution Information


2023

Participant Baylor Contribution Employee Maximum Contribution
Employee $600 $3,250
Employee + Family $1,200 $6,550

NOTE: Employees over the age of 55 may be eligible to make a $1,000 catch-up contribution.


2023

2023 HSA Limits Individual All Other Tiers
Baylor's HSA Contribution $600 $1,200
Employee HSA Contribution $3,250 $6,550
2023 HSA (Basic) Limit $3,850 $7,750
Over Age 55 Contribution $1,000 $1,000
Maximum 2023 HSA Limit $4,850 $8,750

Eligibility Requirements

  • 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

Limitation Information

  • 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