Each year at UC's open enrollment you have a chance to take advantage of one of the smartest ways to save. It’s the Health Savings Account (HSA) that comes with the UC Health Savings Plan, and it brings you triple tax advantages.1 Here’s how it works—and why it matters.
Through UC's Retiree Health & Welfare benefits, you may have a chance to continue your UC-sponsored medical insurance. But that benefit pays only a portion of your insurance premiums and is only available under certain circumstances.
That’s where the HSA comes in. It’s an additional way to save for health care costs—now and in the future—and gives you substantial tax advantages.
Here are the details.
If you enroll in the UC Health Savings Plan2 during Open Enrollment, your participation is effective January 1 of the following year and a HealthEquity HSA will automatically be opened for you.
Open enrollment is your opportunity to review your UC benefits and make sure you have the best coverage for your needs in the coming year. Take the time to review all your options, then select the ones that support your physical and financial wellness.
1 With respect to federal taxation only. Contributions, investment earnings, and distributions may or may not be subject to state taxation.
2 UC Health Savings Plan: By enrolling in the UC Health Savings Plan, a HealthEquity Health Savings Account (HSA) will automatically be opened on your behalf and the UC contribution will be deposited. To participate in the UC Health Savings Plan, you must meet the following requirements:
The University of California intends to continue the benefits described here indefinitely; however, the benefits of all employees, retirees, and plan beneficiaries are subject to change or termination at the time of contract renewal or at any other time by the University or other governing authorities. If you belong to an exclusively represented bargaining unit, some of your benefits may differ from the ones described here.
Keep in mind that investing involves risk. The value of your investment will fluctuate over time, and you may gain or lose money.
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