Health Savings Accounts
Optional Benefit: Health Savings Account
We are pleased to announce that West Virginia public higher education employees have a health savings account (HSA) plan option to consider for their benefit needs.
A Health Savings Account (HSA) is a tax-free account that can be used to pay health care expenses. Only West Virginia public employees who have enrolled as the primary policyholder in PEIA Plan C (high-deductible plan) are eligible to enroll in a HSA. Advantages of a HSA include:
- A HSA is owned by the employee. If you leave employment, you can take the account with you.
- Unlike a Flexible Spending Account (FSA), the funds do not have to be spent in the plan year they are deposited.
- Employees may make pre-tax contributions to their HSA account.
West Virginia public higher education employees have the option of selecting one of two Health Savings Account vendors:
Option 1: TIAA HealthEquity
Option 2: Mountaineer Flexible Benefits (FBMC) in partnership with PayFlex
2024 HSA Limits
- Single Coverage may contribute up to $4,150 per year.
- Family Coverage may contribute up to $8,300 per year
- Over age 55 may make additional $1000 “catch-up” contributions per year.
Qualifying for an HSA To be an eligible individual and qualify for an HSA, you must meet the following requirements:
- You are covered under a high deductible health plan (HDHP), which for public higher education employees means PEIA PPB Plan C
- You have no other health coverage
- You aren’t enrolled in Medicare
- You are not claimed as a dependent on someone else’s tax return
Option 1: TIAA HSA administered by HealthEquity
TIAA is working with HealthEquity to provide an integrated, online HSA experience. HSA funds are held in one of two cash account options offered by HealthEquity. Once your balance in the cash account is $1,000 or more, you can allocate to a diversified menu of mutual funds.
TIAA HealthEquity HSA Enrollment/Change Form – 2024
- TIAA HSA Online Resources
- Medicare and your HSA
- Using your HSA for qualifying medical expenses
- Take control of your healthcare spending with a Health Savings Account (HSA)
- Understanding Health Savings Accounts – FAQs
- Consider transferring your HSA
- TIAA HSA investment menu
- HealthEquity’s HSA open enrollment toolkit
Option 2: Mountaineer Flexible Benefits (PayFlex)
HSA funds are held in an interest-bearing checking account with PayFlex.