A Health Savings Account is a personal savings account which allows participants to withhold money as a payroll deduction on a pre-tax basis for qualified medical expenses.
HSAs are only available to employees who are currently enrolled in a High Deductible Health Plan (HDHP) offered through Saint Louis University.
Before setting up your payroll deduction, you must have an online account set up via www.optumhealthbank.com. If needed, Saint Louis University's Group Number is 712924.
Newly hired employees wishing to enroll and receive the employer contribution must set up their HSA account and submit their new hire elections via Banner Self-Service within 31 days from their date of full time employment.
Enrollment into the plan may occur at any time during the plan year; however, the employer contribution will not be granted outside of the new hire or open enrollment period.
Employees wishing to contribute to their HSA Plan must re-enroll each year, but account balances will remain from year to year.
Enrollment (Payroll Deduction) Form
Employees wishing to create or make changes to their contributions throughout the plan year may submit a HSA Payroll Deduction Form to the Benefits office via email to email@example.com, or fax to Shelli Brown at (314) 977-1785.
Contributions are subject to the IRS annual maximum amount of $3,400 for employee only coverage, and $6,750 for family coverage, less the employer contribution ($250 for employee only, $500 for family) to your HSA. There is no minimum amount to contribute to your HSA, and employees would still be eligible for the employer contribution for the plan year as long as it is elected during the new hire enrollment period, or during the annual open enrollment. When completing an election during the annual open enrollment period, employer contribution funds will become available effective January 1 of the following year.
In order to receive employer contribution funds as a newly hired employee or during the open enrollment period, please note that in addition to making a plan year election via the New Hire Menu or the open enrollment portal located in the mySLU's Banner Self-Service, the creation of an Optum Healthbank account is required so that funds are deposited on schedule. Please refer to the HSA Optum Bank Online Enrollment website to ensure that the opening of an HSA personal savings account is completed.