If you enroll in the high-deductible PPO plan, you can also enroll in and contribute to a health savings account (HSA). The money that you save in this account is deducted from your pay pre-tax. The funds in this account can roll over and accumulate from year to year if you do not spend them. You may use HSA funds to pay for qualified medical expenses at any time.
If your enrollment in the high-deductible PPO plan ends, you may not continue to deposit funds in your HSA from your Berklee pay. However, the funds you have already deposited in your HSA remain available for your use even if you no longer work for Berklee.
Federal tax law places limits on HSA eligibility. Before enrolling, be sure to consult your tax advisor, and please keep the following in mind:
- You must be enrolled in Berklee’s high-deductible PPO plan in order to enroll in a health savings account at Berklee.
- You need to spend all of your current year's health care flexible spending account (FSA) money by the end of the year in order to contribute to a Berklee HSA for the following year.
- You cannot elect both a health care FSA and an HSA at Berklee.
- If you are enrolled in any portion of Medicare (Part A, Part B, Part C, or Part D), you cannot enroll in an HSA.
- Federal law limits the maximum amount you can contribute to an HSA. See WageWorks for contribution limits for individuals and families.
- Other limits may apply. Consult your tax advisor.