HDHP and HSA Key Points
The HDHP is designed to allow you to be more proactive in your medical care and includes a higher deductible than our other medical plans, but offers a lower rate to employees.
Key points for the HDHP:
- You must choose a primary care physician (PCP) from the Harvard Pilgrim Health Care (HPHC) network. This physician will coordinate all of your care, including referrals to specialists.
- There is an annual deductible of $1,600 for individuals and $3,200 for a family. The deductible applies to both medical and pharmacy services. The family deductible is an aggregate and not capped individually.
- The out-of-pocket maximum (OOP Max) is $2,500 for an individual and $5,000 for a family. The family OOP Max is an aggregate and not capped individually.
- Enrolling in the HDHP allows you to enroll in a Heath Savings Account (HSA).
- Because the HDHP works differently than our other medical plans, it is important that you review the plan summary carefully and attend an information session on the HDHP and HSA before you enroll (see below).
Additional Resource
Decision Doc is an interactive tool that is free and available to all benefit eligible employees. This confidential platform takes just a few minutes to complete and can help you learn which health plan will work best for you.
Key points of the Health Savings Account (HSA):
The HDHP will include a Health Savings Account (HSA), which allows you to set-aside money on a pre-tax basis to pay for qualified medical expenses. As an additional benefit, the University will contribute $500 in January 2024 to the HSAs for employees who enroll in the HDHP. Unlike a Flexible Spending Account (FSA), you own your HSA account and therefore it’s portable, which means that if you separate from Brandeis, you can take your HSA funds with you.
But unlike an FSA, you must qualify for and meet the following IRS requirements to contribute to an HSA:
- You are covered under the HDHP, and
- You are not claimed as a dependent on anyone else’s tax return, and
- You are not enrolled in Medicare, and
- You cannot have contributions to a HealthCare FSA as of 1/1/2024 (see below).
2024 HSA Contribution Limits
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.
Investing and Using HSA Funds
Another key difference between an FSA and an HSA is the ability to invest your HSA funds. Please review the following HSA information to learn more.