Health Savings Accounts
The state continues to contribute 40 percent or more of the Consumer-Driven Health Plan (CDHP) annual deductible to your Health Savings Account (HSA) in 2017, depending on what plan you choose. The initial contribution is made on the first check in January. Employees enrolled in a CDHP effective from January 1, 2017 through June 1, 2017 receive the full pre-fund amount. CDHPs effective after June 2, 2017, but before December 2, 2017, receive one-half of the initial contribution. The initial pre-fund contribution is based on the coverage type (single/family) that is effective January 1, 2017.
State contribution to health savings accounts in 2017
|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 1/1/17 thru 6/1/17 and with an open HSA. CDHPs effective after 6/1/17 but before 12/1/17 and with an open HSA, will receive 1/2 of the initial contribution.
Employees participating in the CDHP plans are reminded that they must open an HSA account 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 2017, 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 2017, you need to access your PeopleSoft record and enter your desired contribution. If you do not change your HSA contribution, it does not carry over for the 2017 plan year.
If you are electing to participate in an HSA for the first time in 2017, 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 need to open an HSA account with The HSA Authority before January 1, 2017.
As a reminder, to be eligible for an HSA you:
- Must be currently enrolled in an HSA-qualified health plan;
- May not be enrolled in any other non-HSA qualified health plan;
- May not have, or be eligible to use, a general purpose flexible spending account (FSA);
- Cannot be claimed as a dependent on another person’s tax return;
- May not be enrolled in Medicare, Medicaid, HIP or Tricare; Read FAQs about HSAs and Medicare
- Must not have used VA benefits for anything other than preventative services in the past three months.
View IRS Publication 969 for more information.
Get help from Old National Bank
The HSA Authority, Old National Bank provides the HSA program for the state of Indiana.
- View The HSA Authority Education & Enrollment Packet
- Getting the Most out of Your HSA - A PowerPoint presentation from The HSA Authority.
- HSA Investment Enrollment Form
- Accessing Your HSA Account
- Allowable HSA Expenses
- Frequently Asked Questions
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:
- Driver’s license
- Social Security number, date of birth and address for your beneficiaries
- Social Security number, date of birth and address for your authorized signer (if selected)
- Security passwords for you and your authorized signer (based on the answer to one of the five questions you select during the application process)
Contact Old National Bank