HDHP/HSA Plan

You are allowed to deposit up to $4,150 for single or $8,300 for a family into your tax-free 2024 Health Savings Account to earn interest and put toward future medical expenses. If you enroll during the annual November open enrollment period and are age 55 or older, you can contribute an additional $1000.

(Cornell contributes $1,000 up front towards your limit. If you join the plan after January 1st, the amount is pro-rated.)

Contribution amounts are set by the IRS each year.

The funds in your HSA account can be withdrawn at any time for qualified health care expenses that were incurred after your HSA was established. If funds are withdrawn for non-qualified medical expenses, by someone under age 65, the amount withdrawn is taxable and subject to a penalty.

Examples of qualified medical expenses include but are not limited to medical fees and deductibles at doctors’ offices, pharmacies, dentists, vision centers, medical labs and some medical supplies that traditional healthcare plans do not cover. Visit Individual & Family Health Insurance Plans & Coverage | Aetna, for general information about qualified and non-qualified medical expenses. Or you can choose to go directly to the Inspira Pretax Accounts & Benefits | Inspira Financial website. Use the Medical Expense Tracker to help organize them online. Make sure you keep your receipts so you can document for the IRS the appropriate use of these funds.

Qualified medical expenses are described in detail in Section 213(d) of the Internal Revenue Service Tax Code and IRS Publication 502. You must be sure that you have not been otherwise compensated or reimbursed by insurance for the treatment. For help from the IRS, call 1-800-829-3676 or visit the IRS website.

When you go to your in-network doctor for a sick visit (beyond preventive care), your share of the cost is based on a negotiated rate. Your doctor’s office will send the claim to Aetna. Once Aetna processes the claim, you and your provider will know the amount you are responsible for paying. If you have a sufficient balance in your HSA fund, you can use your Inspira debit card to cover the costs of the treatment.

After the deductible is met, you pay only the part of the cost each time you visit the doctor or medical provider. Once you have met the annual out of pocket maximum, the plan reimburses at 100% for the rest of the calendar year.  Aetna provides online tools through Aetna Navigator to keep track of what you have paid. Inspira administers the health savings account.

Once you meet the deductible, you pay for only part of the cost each time you visit a doctor or hospital. For in-network services, the plan reimburses at 90% and you pay 10% for medical care that is not preventive (for out of network services you pay more). Once the amount you have paid reaches the out of pocket maximum for the calendar year, the plan reimburses at 100%. (Medical care received out of network are subject to reasonable and customary charges so you could pay more).

With Inspira Financial, you have three ways to access your HSA funds:

1. Inspira debit card. Use it for qualified expenses. Pay directly with a debit card linked to your HSA.
2. Online withdrawal. Transfer funds from your HSA to your personal bank account.
3. Online bill payment. Pay your healthcare expenses on your computer, directly from your HSA.

You decide when the medical claim is processed, whether to pay the provider, send money to your personal account or hold the HSA claim for a later decision.

Preventive care is usually covered in full or subject to a copay and it does not count toward your deductible. Services may include routine exams, vaccinations, wellness exams and routine mammograms.

Please visit the IRS website for the latest governing HSA rules.

All HSAs are required by law to combine the savings account with high-deductible health insurance.

When Aetna processes a claim, the applicable amount you are responsible for is applied to your deductible with Aetna. If you use an in-network provider, the doctor’s office will file your claim with Aetna for you. This will ensure you receive the negotiated rate. You could also save the bills and submit them to Aetna yourself. All out-of-network providers will be subject to the out-of-network deductible and reimbursed at 80% of reasonable and customary limits.

If you use your Inspira debit card to pay for qualified medical expenses and there is not enough money in the account to cover the cost, your transaction will be denied and you may incur a fee.

Yes, the HDHP includes coverage for prescription drugs through OptumRx. Drugs that are considered preventive by OptumRx and the IRS are not subject to the deductible. You pay the copay. The copay is applied to the out of pocket maximum.  Drugs that are not preventive in nature are applied to the deductible. To check the cost of any medication, contact OptumRx Member Services at (866) 533-6977.

This typically applies to new employees.

If you enroll after January 1st, Cornell's contribution will be pro-rated based on the number of pay periods remaining in the year and deposited in your Inspira Financial account. For example, if you enroll mid-year with 13 pays remaining out of 24 (semi-monthly) for the year, the amount Cornell contributes up front will look like the following:

$1,000/24 pays = $41.66 regular contribution effective January 1

$41.66 x 13 pays remaining = $541.58

Cornell’s prorated calendar year contribution would be $541.58

You can also make contributions, which are not prorated. But the total amount you elect to contribute is spread out even over the remaining pay periods.

No. It is your responsibility to keep track of your own medical expenses. Individual contributions and taxable distributions should be reported on your Form 1040 tax filing

You can take the money in the HSA account wherever you go. You own the HSA.

If you retire at age 65 or older, you are no longer eligible to remain in an active health plan like the HSA and will be moved to the Aetna Retiree 80/20 plan, provided you meet the eligibility requirements to retire from Cornell. You will be required to enroll in both Medicare Parts A & B. You will also be given the option to enroll in the Medicare Advantage Plan, as will your spouse/domestic partner over the age of 65. If your dependent is under 65, they will be moved to the Retiree Pre-Medicare Plan. The Aetna’s Retiree Service Center will be able to answer your questions about coverage (800) -338-4533.

You can continue to use HSA funds to reimburse yourself for qualified medical expenses until the funds are exhausted.

You can use HSA contributions to pay for Medicare Parts A and B, Medicare Advantage, and Medicare Part D prescription drugs, as well as out of pocket expenses and employment-based retirement health insurance  premiums including those through Cornell.

It depends. The IRS allows you to continue to make and receive contributions to the HSA provided you do not apply for Social Security, you do not begin receiving income benefits and you do not enroll in Medicare.

If you apply for Social Security and begin receiving income benefits, you will be automatically enrolled in Medicare Part A and be ineligible for the HSA plan in accordance with the IRS regulations, starting with the month your income benefit is effective. You will no longer be able to make or receive contributions to your HSA effective the first day of the month in which you turn 65.

For example, if you turn age 65 on May 23, you can no longer contribute or receive contributions (your own or Cornell's) starting May 1. In addition, it is your responsibility to:

• Go into Workday and stop your HSA contributions as soon as you become ineligible.
• As soon as you become ineligible, please contact the HR Services and Transition Center by phone 607.255.3936; TTY: 711 or send a message to hrservices@cornell.edu.
• If you decide not to collect Social Security income (including enrolling in Medicare), you can continue making and receiving contributions to your HSA.