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