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

2021

Participant	Baylor Contribution	Employee Maximum Contribution
Employee	$600	$3,000
Employee + Family	$1,200	$6,000

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

2022

2022 HSA Limits	Individual	All Other Tiers
Baylor's HSA Contribution	$600	$1,200
Employee HSA Contribution	$3,050	$6,100
2022 HSA (Basic) Limit	$3,650	$7,300
Over Age 55 Contribution	$1,000	$1,000
Maximum 2022 HSA Limit	$4,650	$8,300

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.

Human Resources