Health Savings Account (HSA)

New HSA Administrator Effective 1/1/2016

Optum has just concluded an agreement with U.S. Bank to assume management of its healthcare accounts. The transfer will be completed on 1/1/2016 at which time OptumHealth Financial Services will be the administrator of Macalester's health savings accounts.

You can be certain this transition will not change your account in any way. You will continue to have access to the same tools to help you manage your health and health care dollars. After the transition, you can access your account by logging into mycdh.optum.com and the same customer service number you used in the past.

Please note that you will receive a new Optum payment card. Until you receive your new card, you can continue to use your U.S. Bank payment card.

A Health Savings Account (HSA) is a funding program that allows you to put money aside for eligible medical care expenses tax-free.  Unlike the flexible spending account, a HSA allows you to “roll-over” unused dollars into the next year.  There is no “use it or lose it” provision.  Furthermore, your funds can be invested and grow much like the funds in a retirement account.  Earnings are tax-free.

Who is eligible?

  • Must be enrolled in the HDHP medical plan
  • Must not be enrolled in Medicare
  • Must not be covered by other medical insurance
  • Must not have received VA medical benefits at any time in the past three (3) months
  • Spouse is not contributing to/participating in a general-purpose FSA through his/her employer

Eligible employees may contribute up to the limits established by the federal government.  Limits for 2016 are a maximum of $3,350 for employees with Employee-Only coverage, and $6,750 for employees with Employee+1, or Employee +2+ coverage.  Catch-up contributions are available for employees over 55 ($1,000 in 2016).

If contributions are made through payroll deductions, they will be made pre-tax.  Participants will receive IRS forms 5498 and 1099 to aid in tax preparation.  The participant is responsible for documenting that all withdrawals have been used for qualified medical expenses and they will be liable for state and federal taxes if the expenses were not qualified medical expenses.

The money in your account is yours as soon as it is deposited into your account.  You can change health care coverage or change jobs in the future and still keep the money in your account.

Health Savings Account (HSA) Funding

.75 FTE
and above
Select Your Level
Level 1Level 2Level 3
MAC
funds
EE
funds
MAC
funds
EE
funds
MAC
funds
EE
funds
Employee $100.00 $0.00 $121.75 $21.75 $143.50 $43.50
Employee + (1) $200.00 $0.00 $243.50 $43.50 $287.00 $87.00
Employee + (2+) $200.00 $0.00 $243.50 $43.50 $287.00 $87.00
.50-.74 FTE
and above
Select Your Level
Level 1Level 2Level 3
MAC
funds
EE
funds
MAC
funds
EE
funds
MAC
funds
EE
funds
Employee $80.00 $0.00 $90.88 $10.88 $101.75 $21.75
Employee + (1) $160.00 $0.00 $181.75 $21.75 $203.50 $43.50
Employee + (2+) $160.00 $0.00 $181.75 $21.75 $203.50 $43.50