How do I contribute and is there an annual limit?

After you enroll in the CDHP, PayFlex, our vendor, will set up a health savings account (HSA) for you. You can contribute money to your HSA by payroll deductions (if offered by your employer).

 

Local Education/Local Government Employees: Check with your agency benefits coordinator about setting up payroll deduction. Your employer may also contribute money to your HSA. You can check with your agency benefits coordinator to find out if your employer contributes. If your employer does not offer payroll deductions, you have other ways to contribute money to your HSA.

 

  • You can link your bank account to your HSA account on the PayFlex portal. You will link your bank account by first signing in to your PayFlex account at https://stateoftn.payflex.com/stateoftn/index.html and then by clicking on “link a bank account” in the bottom left corner of the page. Follow the prompts to link your bank account to your HSA. Once the accounts are linked, you can transfer money from your bank account to your HSA to pay for eligible medical expenses.

 

  • Or you can mail a check to PayFlex. To mail a check to PayFlex, you will first go to https://stateoftn.payflex.com/stateoftn/index.html. Scroll down to the bottom where it says “Health Savings Account Forms – For all employees.” Click on “HSA Contribution Form (Coupon).” Print that form, complete it, and mail it in with your check, to the address provided on the form.  

 

  • Any contributions to your HSA made by bank account transfer or check would need to be added up and claimed as an above the line credit on your taxes the following April. This gives you the same tax deduction as if you were contributing by payroll deduction.

 

State employees:  Each time you make an HSA amount change, you will enter your total desired annual contribution amount in Edison employee self-service (ESS). Once a year the state will contribute $250 (single only coverage) or $500 (family coverage) into your HSA account.  If your coverage effective date is anytime from September 2 through December 31, the state will not contribute any money to your HSA  (state and higher education employees) for that year. However, if you remain enrolled in the CDHP, then you will receive the state contribution the following January.   

 

Higher Education employees:  Check with your agency benefits coordinator about setting up payroll deduction. Your employer may also contribute money to your HSA. You can check with your agency benefits coordinator to find out if your employer contributes.

 

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