Only employees participating in the High Deductible Health Plan (HDHP) and Coupe HDHP may participate in the Health Savings Account (HSA) offered through Further. Employees have the option to contribute pre-tax dollars to pay for qualified medical expenses for themselves and their dependents that are not paid for through other insurance plans (i.e., dental care, eyeglasses and contacts, prescription co-pays, deductibles, etc.). St. Olaf will also make employer contributions to certified employee HSA accounts.
On January 1, 2024, the College contribution will coincide with payroll. Bi-weekly employees will receive 1/24 each pay period and monthly employees will receive 1/12 each pay period.
Examples:
Annual Employee Only contribution is $1,200 or $50 per pay period for bi-weekly; $100/mo for monthly.
Annual Employee + one contribution is $1,800 or $75 per pay period for bi-weekly; $150/mo for monthly.
Annual Family contribution is $2,400 or $100 per pay period; $200/mo for monthly.
If you have a qualifying event and increase or decrease your coverage, the new amount will take effect with the coverage change on the first of the month following the event.
Employees may increase or decrease their HSA contribution amounts anytime during the plan year. To pay qualified medical expenses, employees will receive a debit card. Employees may only use amounts contributed and may not “overdraw” on their HSA account. Employee and employer contributions to the HSA are available until the employee uses these funds, even if an employee should switch to the Core Plan during open enrollment or end their employment with St. Olaf.