health savings account (hsa)

If you enroll in Blue PPO + HSA, choose how much to contribute to your HSA.

The HSA helps you pay for expenses now—like that higher deductible, prescription drugs, or other medical costs. But it’s also set up to help you save for future health care costs, even in retirement.

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Voya

ALEX

How Money Goes into Your HSA


THE ART INSTITUTE CONTRIBUTES.

If you contribute at least $1, the Art Institute will give you a tax-free contribution with the first pay period of the new plan year.

  • $500 for Employee Only Coverage
  • $1,000 for Employee + 1 Dependent or Employee + Family coverage
 YOU SHOULD CONTRIBUTE, TOO.

The amount is deducted from each paycheck before taxes are taken out.

  • Up to $3,800 for Employee Only coverage
  • Up to $7,550 for Employee + 1 Dependent or Employee + Family coverage
  • AND
  • Up to $1,000 more if you are age 55 or older

(based on IRS limits and the Art Institute’s contribution; consult your financial/tax advisior about your personal situation)

Six Reasons to Save in the HSA

  1. Easy to Use
    Pay with the debit card you receive from Voya, our HSA administrator.
  2. Tax-free
    You don’t pay taxes on money when it’s deposited or withdrawn to pay for eligible expenses. Your balance grows tax free.
  3. The Art Institute Contributes and You Should, Too
  1. Use for Expenses Now
    Use your HSA to pay for doctor visits, prescriptions, deductibles, coinsurance, dental and vision costs, and more. Find a complete list of eligible expenses on the IRS website.
  2. Save for Expenses in Retirement
    You have investment options for your HSA funds once your balance reaches $1,000.
  3. Yours to Keep
    If you have money left over at the end of the year, it rolls over to the next year. Even if you leave the Art Institute, your account is yours to keep.

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ALEX

Voya

Put your paycheck savings in the HSA

The Blue PPO + HSA plan costs less per paycheck than the other plans. Put those paycheck savings in your HSA.

Considering Medicare?

IRS rules don’t allow Medicare enrollees to have an HSA. However, you can postpone Medicare enrollment if you’d prefer to take advantage of the HSA to save for future medical expenses while you’re still working. Not sure? Talk to ALEX.