Health Savings Account (HSA)

If you are enrolled in the College's High Deductible Healthcare Plan (HDHP) or Basic HDHP, you may be eligible to contribute to a Health Savings Account (HSA). An HSA is a bank account that is owned and controlled by you. An HSA allows you to set aside funds on a pre-tax basis to pay for qualified medical care (including deductibles, copays, and coinsurance) for you and your tax dependents.  

Eligibility

To be eligible for an HSA, you must be enrolled in an IRS-qualified HDHP, and you cannot have any other non-HDHP health coverage; this includes Medicare (Part A or B), coverage through your spouse or partner’s employer, or a Health Care Flexible Spending Account (FSA) through Swarthmore or through your spouse’s employer. If you have questions about how other coverage may affect your eligibility for an HSA, please contact the Human Resources benefits team at benefits@swarthmore.edu.

Enrollment

When you enroll in one of Swarthmore’s high deductible health plan options, an HSA account will automatically be established for you. This account can be managed through your IBXpress login with Independence Blue Cross. There you will be able to view and pay claims, as well as access statements and tax documents.

Contributions

Each HDHP provides full-time benefits eligible employees with the same HSA contribution from the College ($1,000 for Employee Only coverage; $2,000 if you enroll one or more dependents); half of this contribution is made in January, and the balance is deposited in July.

The IRS establishes annual contribution limits. The maximum amount that can be contributed to your HSA in 2024 is $4,150 for employee only HDHP coverage  and $8,300 for all other HDHP coverage tiers (special rules apply if you cover a non-tax dependent). These maximum amounts include the above HSA contribution the College makes on your behalf. If you are age 55 or over, you can also make an annual “catch-up” contribution of up to $1,000.

You will never forfeit money you have deposited, as unused funds remain in your account and roll over year after year.  If you ever leave Swarthmore College, or disenroll from a Swarthmore HDHP, you will keep your account and any funds that remain.