Health Savings Account
If you enroll in the $2,500 or $5,000 Deductible BCBSTX PPO you may elect a Health Savings Account (HSA). An HSA is a tax free bank account similar to an FSA that you use to help pay for out of pocket medical expenses including:
- Coinsurance and co-pays
- Amounts above reasonable and customary charges for out-of network services
- Dental and vision expenses not covered by your Dental or Vision plan
The primary difference between an FSA and an HSA is that any remaining HSA balance is rolled over from year to year. Unlike the FSA, there is no "use it or lose it". You may not participate in an FSA if you enroll in the $2,500 or $5,000 Deductible PPO.
Click the links below to see how it works.
How It Works
You can participate in an HSA only if you enroll in the $2,500 or $5,000 Deductible PPO Options. You are not eligible to contribute if:
• You are enrolled in Medicare (Part A, Part B, or Part D).
• You are covered by another medical plan (such as your spouse’s plan) that does not qualify as a high deductible health plan.
• You or your spouse participates in a Health Care Flexible Spending Account (FSA) at SMU or at your spouse’s employer.
Even if you do not contribute to the HSA, you cannot contribute to SMU’s Healthcare FSA if you are enrolled in the $2,500 or $5,000 Deductible PPO Options.
How It Works
You make contributions to your HSA with pre-tax payroll deductions. Your contributions are placed in an interest bearing account in your name. You can use the money in your account to pay for current or future out-of-pocket healthcare expenses.
You may contribute up to $3,250 if you elect individual medical coverage and $6,450 if you elect family medical coverage. These limits can change each year. Money left in your account at the end of the year carries over to future years and if you leave the University you take your account with you.
How It Works
If you decide to enroll, indicate the amount you want to contribute for the current year. You will receive a debit card from Mellon Bank that you can use to pay for eligible medical expenses. You may request a checkbook if you like.
Mellon has an arrangement with BCBSTX to automatically debit your account for qualified out-of-pocket expenses, as long as you have funds in your account. If you don’t want automated reimbursement, you must contact Mellon at 1-877-635-5472 to cancel this arrangement. You will find a link to a list of qualified healthcare expenses on the BenefitsU website.
If you elect the $2,500 or $5,000 deductible PPO and HSA, be sure to visit the Mellon website at www.hsamember.com to create your individual account and review your HSA transactions. You will find a link in the Helpful Links section.