Cornell College offers health savings accounts through US Bank. HSAs (Health Savings Accounts) allow employees to have pre-tax money deducted from their regular paychecks and deposited into a health savings account with US Bank.
First of the month following a benefit-eligible employee’s date of hire. When the first day of employment falls on the first day of the month, the employee is eligible to participate in the plan on that date. Must be enrolled in the High Deductible Health Plan (HDHP).
- Employees may change their monthly payroll contribution amount anytime
- Cornell will contribute $12.50 into your account with the first two payrolls each month ($25 total per month), regardless of how much you contribute
- Can only enroll in a limited purpose medical flex spending account if enrolled in a HSA (for dental and vision expense reimbursements only)
This summary is not intended to be a complete description of your benefits. Please consult your summary plan description and/or insurance certificate for additional details including plan limitations and exclusions.