RISD staff enrolled in the Low Premium/High Deductible Health Plan and budgeted to work at least 17.5 hours per week and 910 hours per year can contribute pre-tax dollars to a Health Savings Account (HSA). An HSA is a bank account for paying health care expenses such as deductibles and copayments. HSA contributions, earnings on accumulations, and withdrawals are tax-free, as long as they are used to reimburse eligible expenses. Funds are not subject to a “use-it-or-lose it” rule, so contributions may accumulate. They do not have to be used for expenses incurred in the same year. RISD contributes $1,000 per individual or $2,000 per family to an HSA.
- must be enrolled in RISD’s Low Premium/High Deductible Plan.
- may not be enrolled in Medicare, including Medicare Part A, or in any other health plan such as a spouse’s plan.
- may not participate in a health flexible spending account (FSA) while enrolled in RISD’s HSA.
Individual Annual Maximum: $3,600 (including RISD’s contribution)
Family Annual Maximum: $7,200 (including RISD’s contribution)
55+ Catch-up Annual Maximum: $1,000