Health Savings Account

An HSA can be used to cover the costly deductibles in the high deductible health plans (HDHP) as well as medication and other expenses. HSA is managed through Inspira, formerly known as Payflex. When you enroll in a HDHP medical plan and open a corresponding HSA, you earn the following annual incentives*:

  • HSA Plus: $550 for employee only coverage OR $1,100 for coverage with dependent(s).

  • HSA Low: $250 for employee only coverage OR $500 for coverage with dependent(s).

  • Wellness Incentive: Eligible employees can receive up to a $200 wellness incentive for completing a health assessment and one wellness activity. Click here for a how-to guide.

*Annual incentives will be prorated based on start date of coverage.

If you think you might be unable to meet a standard for a reward under this wellness program, you might qualify for an opportunity to earn the same reward by different means. There may be options to find a wellness program with the same reward that is right for you in light of your health status.

What Are the Benefits of an HSA?

1. Tax savings
Money put into your HSA can reduce your taxable income. For 2024, you can contribute up to $4,150 for individual coverage or up to $8,300 for family coverage.

2. Tax-free earnings
Money kept in your HSA earns interest each month.

3. HSA ownership
You decide how to spend or save your HSA funds. If you change jobs or health plans, the HSA money is yours to keep, even if you leave or retire from PRUSA.

4. No “use it or lose it” rules
Any funds remaining in the account at the end of the year roll over to the next year.

5. Less paperwork
You don’t have to submit any paperwork when you use your account. Just save your receipts to substantiate your eligible healthcare expenses.

6. Investment options
You can invest the money in your account when the balance reaches $1,000. It’s a great way to save money for future health care costs, even in retirement.

7. HSA catchup contribution
Employees age 55 or older (until enrolled in Medicare) may contribute an additional $1,000 (pre-tax) in their HSA as “catch-up contributions.”

Important Notice: If you choose to open an HSA account during open enrollment, you must validate your HSA by March 30th of the plan year. If you choose to open an HSA account at any other time during the plan year you must validate your HSA by the end of the third month following your enrollment.  For example, if you enrolled in the HDHP on March 15, 2024 would have until June 30, 2024 to validate your HSA.  If you do not validate your HSA account by the deadline you forfeit any employer contributions. 

Frequently Asked Questions

  • A Health Savings Account (HSA) is a tax-advantaged health care account that you own. You contribute to it with tax-free or tax-deductible funds. You can use those funds to pay for eligible health care expenses now and in the future. This includes expenses for you, your spouse, and your tax dependents. To contribute to an HSA you must have a qualified high deductible health plan (HDHP).

  • Each year, the Internal Revenue Service (IRS) sets annual contribution limits for HSAs. These limits are based on your high deductible health plan coverage level (self-only/individual or family).

  • Yes. You can make a change to your HSA contributions at any time. Visit the Resources section for a Workday guide on how to change your contributions.