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Health Savings Account (HSA)

Plan benefits

Due to IRS regulations, the HSA is only available to individuals enrolled in the Value PPO. Covers health care expenses incurred by you or your eligible tax dependents not paid by insurance. Complete listing in IRS publication 502 found on the IRS website. For more information, view the HSA Quick Reference Guide. Interested in investing your Health Savings Account dollars? For more information, read this guide.

Consumer Driven Health Plan (CDHP) is the same as the Value PPO.

Contribution summary

Northwestern will match your pre-tax contribution to your HSA up to:

If you and Northwestern contribute the maximum allowed, the total contributions to your HSA for the year will equal the annual maximum contribution allowed under federal regulations.

For 2021 - Under age 55

HSA benefit details for individuals and families. This is for employees under the age of 55.
Health Coverage Status You Contribute Northwestern Contributes Total Funded
Single Northwestern HSA Account Up to $2,600 + up to $1,000 $3,600
Family* Northwestern HSA Account Up to $5,200 + up to $2,000 $7,200

 

For 2021 - Age 55 and older

HSA benefit details for individuals and families. This is for employees aged 55 or older.
Health Coverage Status You Contribute Northwestern Contributes Total Funded
Single Northwestern HSA Account Up to $3,600 + up to $1,000 $4,600
Family* Northwestern HSA Account Up to $6,200 + up to $2,000 $8,200

*Family coverage includes: you + spouse, you + child(ren) and you + spouse + child(ren).

**For individuals age 55 and older by December 31, 2021, additional “catch-up” contributions of $1,000 for 2021 are allowed and may be made via payroll deductions.

Invest Your HSA Funds

You have the opportunity to grow your HSA balance by investing in a variety of mutual funds.  For more information call Payflex at 844-729-3539.  To invest, login to www.payflex.com.

The benefits of investing
Once you have a minimum balance in your HSA (typically $1,000), you can open an investment account and start investing your HSA dollars. With an investment account, you can take advantage of the following benefits:

You can choose from a variety of mutual funds. And from the PayFlex member website, you can:


Enrollment

Newly eligible

Changing your contribution

An individual may adjust their HSA contributions at any time online via myHR.

Open enrollment

File a claim

Tax implications

Separation from the University