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Open Enrollment Guide

 

open enrollment guide for faculty and staff

 2024 Open Enrollment Period: October 9 - 27, 2023

You are viewing the 2024 open enrollment information for GW Full and Part-Time Faculty and Staff in benefits-eligible positions and their eligible dependents.

GW Health Savings Account (HSA)

When you are covered by a high deductible health plan like the GW HSP, you are eligible to participate in an HSA.

Contribute to your HSA

In 2024, you may contribute up to $4,150 if you have individual HSP coverage, or up to $8,300 if you are covering yourself and additional family member(s) under the HSP. Those 55 and older can contribute an additional $1,000. 

Contributions to your HSA roll over from year to year, and accumulate if not used. And remember, your HSA contribution + GW's contribution cannot exceed the annual IRS limits.

You may use HSA funds to pay for any qualified health expenses incurred after the account is opened. Bills may be paid directly via the HSA, or you may use the HSA to reimburse yourself for payments that you make.

Payments and withdrawals made from your HSA to cover qualified healthcare expenses are tax-free.

HSA is an investment tool

An HSA helps you save for healthcare expenses, including deductibles and coinsurance. HSA contributions are pre-tax, and any interest earned on the account is tax-free. Once your balance reaches $1,000, you can open an investment account and invest your funds over $1,000. Earnings and qualified withdrawals to these investment accounts are tax-free.

Am I eligible to enroll in a Health Savings Account?

To be eligible for an HSA, you must meet the following criteria:

  • You must be covered under a high-deductible health plan (HDHP), such as the GW HSP
  • You cannot be covered under a non-HDHP along with the HSP
  • If your spouse has non-HDHP coverage, you cannot be covered by that plan
  • If you elect an HSA, your spouse cannot have a Health Care FSA
  • You cannot be claimed as a dependent on someone else's tax return.

Other insurance or accounts not allowed with an HSA:

  • Part A and/or Part B Medicare (in some cases, drawing Social Security benefits automatically enrolls you in Medicare Part A)
  • TRICARE or TRICARE For Life
  • Any VA benefits used within previous three months, unless used for a service-connected disability

Note: If you are not eligible for an HSA but participate in the GW HSP, you can enroll in the GW Health Care Flexible Spending Account (HCFSA).

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