HR, Payroll and Benefits News

Health Savings Account: Frequently Asked Questions

A Health Savings Account (HSA) is a savings account that allows individuals enrolled in a High Deductible Health Plan (HDHP) to pay for qualifying health, dental and vision expenses with pre-tax money. An HSA can provide you a triple tax advantage by allowing:

  • tax-free contributions
  • tax-free distributions
  • investment earnings

There is a lot to know about your HSA, such as account basics, eligible expenses, contributions, investment options and how you can use your HSA once you retire. Take some time today to review the HSA frequently asked questions provided by ConnectYourCare (CYC), the administrator of your HSA.

Important: Have you assigned a beneficiary to your HSA? If not, login to the CYC portal to do so online or complete the 2020 HSA Beneficiary Form and send it directly to CYC.

Reminder: Use the CYC resources (myCYC mobile app and account portal) to access your account information anytime anywhere!

Source: UW System Human Resources