Office of Human Resources

You may elect to contribute to your Fidelity HSA through automatic payroll deductions on a pre-tax basis. You can elect your payroll contribution amount through your benefits enrollment process and may change it at any time. Contributions made through payroll deductions are exempt from FICA tax.

HSA-eligible health plans typically have lower premiums than traditional health plans. You may want to consider contributing the money you save on those lower premiums to your HSA.

Over time, that money has the potential to grow tax free* while you save to pay for future qualified medical expenses.

* With respect to federal taxation only. Contributions, investment earnings, and distributions may or may not be subject to state taxation. See your tax professional for more information on the state tax implications of HSAs.

At any time, you may make an after-tax contribution to your Fidelity HSA by check or by transferring money online between your bank and Fidelity by electronic funds transfer (EFT). After-tax contributions are tax deductible to the extent you do not exceed your allowable contribution limit.

You may also transfer assets from another HSA (provided the account type and registration are the same) or make a one-time qualified HSA funding distribution from an IRA.*

* Note that the amount transferred counts toward the maximum annual contribution limit. Additionally, an individual must remain an eligible individual for the 12 months following the month the IRA distribution was made; otherwise, the amount must be included in the individual’s gross income and will be subject to an additional 10% tax.

Each year, the IRS establishes contribution limits for the upcoming year. These limits are for total contributions made to your account, including those made by you, your employer, and any other third party.

Your maximum annual contribution limit depends on several factors, including when you enrolled in an HSA-eligible health plan, whether you have individual or family health care coverage, and your age.* If you are age 55 or older, you can contribute up to an additional $1,000 each year as a catch-up contribution. This also applies to your spouse if he or she is age 55 or older. Note, however, that your spouse must open an HSA for his or her own catch-up contribution.

For 2024, you can contribute up to $4,150 if you have employee-only HDHP coverage or $8,300 for family HDHP coverage. These limits include both employee and Brandeis contributions. Unlike FSAs, which give you a restriction on the time you can use your funds or a limited amount to roll over, an HSA is different. In the event you don’t use your funds before the end of your plan year, you won’t lose them. Your unused HSA funds are eligible to roll over each year without any limitations or restrictions.

* The maximum annual contribution limit is based on your age and coverage tier (i.e., individual or family), as well as on when you become enrolled in an HSA‑eligible health plan. Normally, for eligible individuals who enroll in the HSA-eligible plan as of the first of the plan year, the HSA contribution is prorated based on the number of months during the year a person is covered by an HSA-eligible plan as of the first day of the month. Individuals enrolled in an HSA‑eligible health plan after the beginning of the plan year may contribute up to the statutory maximum annual contribution amount as long as they are eligible individuals in December of that tax year and remain eligible individuals for a full 12-month period following such month. If an individual fails to meet these criteria, the maximum annual contribution amount must be prorated based on the number of months he or she is an eligible individual, and any amount above such prorated amount is includible in the individual’s gross income and subject to a 10% tax.

• $4,300 individual / $8,550 family.
• $500 Brandeis Employer Contribution January 2025 - (part of your total contribution)
• Age 55+ may elect an additional $1,000 in catch-up contributions

Prior to opening your HSA, you must be enrolled in an HSA-eligible health plan. When you’re ready, opening and managing your HSA with Fidelity is fast and easy. You’ll get information on investment choices, payment options, and ongoing support to help you build and manage your savings.

For convenience, you can open a Fidelity HSA online. To begin, simply log into NetBenefits® at Netbenefits.com. From the homepage, click Open next to Health Savings Account.

1. Log in to Workday
2. Go to Global Menu upper left corner
3. Select Benefits
4. Under Change: select Benefits
5. Under reason: Select HSA contribution change
6. Click Submit
7. Click the manage link on the HSA tile.
8. The next page is the enrollment page (you can't change that) scroll down to the Confirm & Continue button to go to the next page where you can change the amount.
9. Make your changes
10. Click Save
11. Scroll to the review & sign button to go to the page.
12. Scroll all the way to the bottom
13. Check I Accept
14. Click Submit

You should always prepare for the unexpected by saving enough money in your core position to cover your anticipated out-of-pocket medical expenses for the year (including those of your spouse and eligible dependents).

Consider contributing at least up to your plan’s deductible, and if you can afford to do so, contribute above that to save and invest for future medical needs.  Keep in mind the university's contribution counts towards your total.

Your Fidelity HSA is a single account that allows you to manage a portion of your savings in a high-yield core position and invest the rest for future medical expenses. You can start investing at any time by making a one-time trade or setting up automatic investing for future contributions. And there’s no required minimum to begin investing.*

An investment trigger can help you keep enough in the core position to pay for current medical expenses, and any contri­bution beyond that amount will be automatically invested in your chosen investments.

You can choose to invest in a variety of investment options, including the Fidelity HSA® Funds to Consider, which is a professionally selected lineup of funds with no minimums or transaction fees, as well as more than 10,000 mutual funds, individual stocks and bonds, ETFs, and CDs available on Fidelity’s brokerage platform.**

In addition, the HSA Investment Recommendation tool is available online, providing assistance on how to invest your HSA savings. This experience takes into account your unique HSA savings goals, risk profile, and financial situation to provide investment advice with fund suggestions from the Fidelity HSA® Funds to Consider** lineup.

* There may be funds that require a minimum amount to invest, but Fidelity does not require a minimum to start investing.
** In identifying investment options to include in the Fidelity HSA Funds to Consider, Fidelity only considered Fidelity open-end mutual funds and open-end mutual funds offered by a limited universe of third-party fund companies that participate in an exclusive marketing, engagement, and analytics program with Fidelity for which they pay Fidelity an annual fee. The only third-party fund companies whose funds were eligible for this program were companies that generally have a track record of generating the strongest customer demand for their products from across Fidelity’s customer channels and have been paying Fidelity a sufficient level of compensation for the shareholder servicing performed by Fidelity.

An HSA is an individual account you own that can be used to pay for out-of-pocket qualified medical expenses that your health plan doesn’t cover. You decide how much to contribute,* when to tap into your HSA, and how to invest your savings. You can use your HSA to pay for qualified medical expenses incurred by you, your spouse, and your dependents—including health plan deductibles and coinsurance, most medical care and your services, dental and vision care, and prescription drugs. The entire balance is yours to keep—even if you change jobs, change medical coverage, or retire.

* Within contribution limits. Refer to IRS Publication 969 for the current contribution limits. All contributions—whether from payroll, your employer or other third parties, personal check, bank transfer, or direct deposit—aggregate toward your maximum annual contribution limit. You are responsible for ensuring that all contributions in aggregate do not exceed your maximum annual contribution limit.

You can save money in your HSA on a pretax basis through payroll deductions or by making after‑tax contributions by transferring money online from an outside bank account. When you decide to use your HSA to pay for a qualified medical expense, you have a variety of options to access your funds, including using an HSA checkbook, an online bill paying service, or the direct debit capability, to name a few. You can also access an online portal, which provides an easy way to track, pay, and manage claims. HSAs have a convenient reimbursement feature, too. If you decide to pay out of pocket for a qualified medical expense, you can later reimburse yourself from your HSA at any time without penalty—weeks or even years in the future—provided you have receipts that total the appropriate amount.

Spend your HSA today or save it for tomorrow—it’s up to you. Because your balance automatically carries over from year to year, you don’t have to worry about losing money that you haven’t spent. If you’re paying for current qualified medical expenses, you can save money in your HSA in cash for easy access. Any savings not needed for current qualified medical expenses can be invested in a wide variety of investment options— including mutual funds, stocks, bonds, and CDs—to potentially grow your balance for future qualified medical expenses, such as those in retirement. Once you reach age 65, you can use your HSA for any reason—just pay normal income taxes on any money used for a nonqualified medical expense.*

* Under age 65, distributions used to pay for nonqualified medical expenses are considered taxable income and are subject to a 20% penalty.

Because an HSA works together with an HSA-eligible health plan, you can potentially save money on health insurance premiums and reduce your taxable income at the same time. First, an HSA-eligible health plan generally has a much lower monthly premium than a traditional health care plan. Second, an HSA offers three-way tax savings you can’t find elsewhere, which can help you save money. Pretax contributions made through payroll deduction lower your taxable income, and after-tax contributions are tax deductible. Also, you don’t pay federal taxes* on any investment earnings or on the money you use to pay for qualified medical expenses. Over time, those tax savings could add up.

* State tax may apply. See your tax advisor for more information on the state tax implications of HSAs.

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