The Health Savings Account allows you to put money aside and withdraw it, tax-free, as long as you use it for qualified medical expenses like deductibles and copays. The IRS allows for $4,300 to be contributed to a Health Savings Account for single coverage and $8,550 for family coverage. Kent State will contribute $1,300 dollars towards the Health Savings Account for employees enrolling in single coverage and $2,000 for enrolling in family coverage, and those dollars are yours to keep.
HSAs build tax-free interests, plus they roll over year to year. You can contribute to a Health Savings Account and increase or decrease contributions throughout the year. Again, the health savings account is yours to keep even if you leave or retire from Kent State. There will be planned comparisons displayed in the Open Enrollment web pages under the medical plan area for your review.