PayFlex online gives you control and flexibility to manage the money in your tax advantaged accounts, view your balance, file a claim and more.
Health Savings Account (HSA)
Ithaca College Plan Provider - PayFlex
Pre-tax money accumulated in an HSA can be used for current or future qualified medical expenses. If you don't use up your HSA during the calendar year, the account balance is rolled over to the following year. It also goes with you if you leave Ithaca College and ultimately can be used in your retirement.
HDHP participants are eligible to establish an HSA, but are not required to do so. Participants also must be eligible to have an HSA account as well. If you enroll in the HDHP with an HSA and are not eligible, there are tax and/or other financial implications that will apply.
Eligibility for an HSA is based on your eligibility. Provided you are eligible to have an HSA and you are enrolled in family coverage, you may contribute the statutory maximum for family coverage. Other coverage of dependent children or a spouse does not affect the individual’s contribution limit, except that if the spouse is not an otherwise eligible individual, no part of the HSA contribution can be allocated to the spouse.
You are eligible to have a HSA only if you can answer NO to all of the following questions:
- Are you planning to enroll in the college’s Open Access POS II Medical Plan?
- Will you or any of your dependents be covered by a flexible spending account (FSA) or a health reimbursement account (HRA)?
- Are you enrolled in or planning to enroll in any other medical or pharmacy plan in the coming year? This includes Medicare Part A, B, and/or D or Medicaid.
- Are you enrolled in Tricare or have received benefits from the VA in the last 3 months?
- Can you be claimed as a dependent on someone else’s current year's tax return, regardless of whether they actually claim your exemption?
- Will you be turning 65 and enrolling in Medicare Part A, B, and/or D in the upcoming year?**
As an HSA participant, you will be issued a debit card that can be used to reimburse all or any part of your qualified medical expenses. Your debit card can also be used at various point-of-sale locations.
Withdrawals from your HSA must be for HSA Qualified Medical Expenses, and are tax free. If you withdraw money for any reason other than for qualified medical expenses, you must pay income tax and a 10% excise tax. HSA monies must be in the account in order to be withdrawn. There is no minimum withdrawal from the HSA.
Money in your HSA can be invested once you reach a $2,000 balance. A monthly fee for the investment account is charged directly to the account holder once an investment account is established.
Participants who are 55 or older (until enrolled in Medicare) are eligible to make a catch-up contribution. A spouse eligible to make a catch-up contribution is required to set-up their own HSA by contacting Aetna Member Services.
Please review Payflex's Health Savings Account site for more detailed information.