Health Savings Accounts (HSA)
The University of Alaska offers a health savings account (HSA) to employees enrolled in a qualifying health plan, like the UA Choice Consumer Directed Health Plan (CDHP). This plan allows you to save money on a pre-tax basis for qualified health expenses now and in the future. Funds in this account are never forfeited and can grow over time. Once you've saved at least $1,000, you can invest your funds in various mutual funds for greater growth opportunities. The university's HSA is managed by Bank of America.
Beginning in 2018, the HSA will be a calendar year plan to make it easier to manage your total contributions to the plan. More information is available in this Q and A document, and in the links below.
UA recently hosted a series of webinars on the Health Savings Account. Click here for a recorded version of an informational webinar explaining everything you need to know about the Bank of America HSA.