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The state will contribute 39 percent or more of the Consumer-Driven Health Plan (CDHP) annual deductible to your Health Savings Account (HSA) in 2016 depending on what plan you choose. The initial contribution will be made on the first checks in January. Employees enrolled in a CDHP effective from Jan. 1, 2016, through June 1, 2016, will receive the full pre-fund amount. CDHPs effective after June 2, 2016, but before Dec. 2, 2016, will receive one-half of the initial contribution. The initial pre-fund contribution is based on the coverage type (single/family) that is effective Jan. 1, 2016
|HSA Account||Coverage||Initial Contribution*||Bi-Weekly Contribution||Monthly Contribution||Maximum Annual ER Contribution|
|HSA w/ Wellness CDHP||Single
|HSA 1 w/CDHP 1||Single
|HSA 2 w/CDHP 2||Single
*Initial contribution as listed above apply to employees with a CDHP effective between 1/1/16 thru 6/1/16 and with an open HSA. CDHPs effective after 6/1/16 but before 12/1/16 and with an open HSA, will receive half of the initial contribution.
Employees participating in CDHPs are reminded that they must open an HSA in order to receive the state's HSA contribution.
If you have an active HSA with The HSA Authority at Old National Bank and wish to continue receiving the state’s contributions in 2016, you do not need to open a new HSA account with The HSA Authority. If you wish to change your contribution to your account or begin contributing for 2016, you need to access your PeopleSoft record and enter your desired contribution. If you do not change your HSA contribution, it will not carry over for the 2016 plan year.
If you are electing to participate in a HSA for the first time in 2016, you must edit the online HSA option in PeopleSoft and choose the HSA that corresponds to your medical CDHP election in order to receive the state’s contribution. In addition to electing the HSA option, you will need to open an HSA account with The HSA Authority before Jan. 1, 2016.
As a reminder, to be eligible for an HSA you:
View IRS Publication 969 for more information.
The HSA Authority, Old National Bank provides the HSA program for the state of Indiana.
To open your HSA, link to The HSA Authority’s website from PeopleSoft on your HSA election page, or go directly to www.theHSAauthority.com and click on the “Enroll Now” button. The first page of this online session says: If you have been instructed by your employer to visit this site to open your HSA, click this button and insert your employer code below. Enter 100366 in the “employer code” and it will begin the state application.
You will need the following information to complete the HSA application online:
Contact Old National Bank