2023 Health Savings Account
If you elect to enroll in the Lion Advantage plan, (formerly PPO Savings plan), a Health Savings Account (HSA) is automatically opened on your behalf through HealthEquity. Funds to this account are contributed on a tax-free basis and can be used for eligible health expenses. Unlike the Health Care Flexible Spending Account (FSA), the funds roll over from year-to-year and are yours to use, even if you leave the University.
To help get you started, Penn State contributes "seed" money into your account in January. For 2023, the seed money is as follows:
|Salary||Penn State Contribution/Coverage|
|$45,000 or less||$800/Individual
|$45,000.01 to $60,000||$600/Individual
|$60,000.01 to $90,000||$400/Individual
|More than $90,000||$200/Individual
|2023 HSA Contribution Maximums|
When making contributions to the HSA via payroll deductions, remember to factor the Penn State "seed" money into the annual maximum contribution amount.
Individuals who will be age 55 or older, and who are not enrolled in Medicare, can contribute an additional $1,000 in "catch-up" contributions to an HSA.