Health savings account option available starting Jan. 1

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Health savings account option available starting Jan. 1

The University of Nebraska will begin offering an employer-sponsored health savings account option on Jan. 1.

The option offers a tax-advantaged medical savings account for all employees enrolled in the university’s high-deductible health plan. Funds contributed are not subject to federal income tax at the time of deposit. And, unlike flexible spending accounts, funds put into a health savings account roll over and accumulate year to year if not spent.

Funds in the account can be used to pay for qualified medical expenses at any time without federal tax liability or penalty. Any withdrawals for non-medical expenses are subject to taxes/penalties.

Employees will be able to enroll in the HSA option during the annual benefits enrollment period, which is Oct. 28 to Nov. 15.

Officials from Human Resources will offer HSA information sessions on Oct. 14. Sessions are 9 to 10:30 a.m. in the East Union Arbor Suite, and 1 to 2:30 p.m. in the Nebraska Union, Platte River Room South. No registration is required to attend. The afternoon session will be made available via zoom. It will also be recorded and made available on the university’s benefits website.

For more information, contact Human Resources at 402-472-2600.

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