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Health Savings Account

The university’s HSA benefit offers a tax-advantaged way to save for healthcare expenses today and in retirement.

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What is a Health Savings Account?

A Health Savings Account (HSA) is a tax-advantaged savings account designed to help you save and pay for qualified medical expenses.

To learn more, watch this short video from our provider, HealthEquity, that explains what an HSA is and how HSAs can help you save more, spend smarter, and invest in your healthcare.

HSA Eligibility

To be eligible to open and contribute to a Health Savings Account (HSA) as a University of Mississippi employee, you must meet the following requirements:

  • You are enrolled in the State and School Employees’ Health Insurance Plan, Base Option (High Deductible Health Plan – HDHP).
  • You do not participate in a general-purpose Flexible Spending Account (FSA) or a Health Reimbursement Arrangement (HRA) that reimburses all medical expenses.
  • You are not enrolled in Medicare.
  • Any secondary health coverage you have also meets HDHP requirements.
  • You are not claimed as a dependent on another person’s tax return.

2026 Contribution Limits

2026 Contribution Limits
DescriptionSelf-Only ContributionFamily Contribution
Annual HSA Contribution Limit

$4,400

 $8,750

Catch-Up Contribution (age 55+)$5,400+$1,000 per eligible individual

 

 

Recorded HSA Webinar

View this recorded, informational webinar to learn more about eligibility requirements, contribution limits, qualified expenses, enrollment process, and more.

Frequently Asked Questions (FAQs)

Find answers to questions about the university's Health Savings Account.

Participants may incur account-related fees, including administrative fees from our university provider, HealthEquity.

No, the university does not make contributions to employee HSAs.

Yes, you may open an HSA with any provider. However, pre-tax payroll contributions are only available through the university’s designated provider, HealthEquity.

Yes, employees can contribute to a dependent care FSA while maintaining an HSA.

No, you cannot contribute to a general-purpose medical FSA or a Health Reimbursement Arrangement (HRA) that covers all medical expenses while participating in an HSA.

Yes. Existing HSA balances from another provider may generally be transferred into your HealthEquity account. Contact HealthEquity for transfer instructions and timelines.

Yes. Unlike a Flexible Spending Account (FSA), unused HSA funds automatically roll over year after year. There is no “use-it-or-lose-it” rule.

Before age 65, using HSA funds for non-qualified expenses may result in taxes and IRS penalties. After age 65, HSA funds may be used for non-medical expenses without penalty, though ordinary income taxes would still apply.

You can find a full list of qualified medical expenses here.

Yes! Please visit the HSAstore.

Yes. While HealthEquity does not require you to upload receipts when using your HSA, the IRS may request documentation if you are audited. Employees are strongly encouraged to save receipts and supporting documentation for all qualified medical expenses.

Yes. Once your HSA cash balance reaches $2,000, additional funds may be invested through HealthEquity’s investment options.

Once your HSA balance surpasses $2,000 in your account, you can invest additional funds in a variety of options. To see the options, visit HealthEquity's investor page and select the Funds tab.

No. While the IRS sets annual contribution limits, there is no maximum balance limit for how much can accumulate in your HSA over time through contributions, interest, or investments.

You can still use your existing HSA funds for qualified medical expenses. However, you would no longer be eligible to contribute new funds unless you are enrolled in another eligible high-deductible health plan.

Your HSA is portable, meaning it belongs to you, not the university. If you leave the university or retire, you can continue using your HSA funds for eligible healthcare expenses. However, if you are no longer enrolled in an eligible high-deductible health plan (HDHP), you may no longer contribute additional funds to the account.

HSA funds can pass to a designated beneficiary. If a spouse is named as beneficiary, the HSA becomes their account and retains its tax advantages. If a non-spouse beneficiary is named, the balance becomes taxable income to the beneficiary.

Contact Human Resources

Whether you have a question or need assistance, the Department of Human Resources is here to help. Explore resources available in Workday, including Help Articles & Workday Assistant.  

Need Further Support? 
Submit a case directly in Workday. Select Menu in the top-left corner of Workday > Choose Help from the Personal section > Select Create Case.

You can also reach out to your Human Resources Business Partner (HRBP), who is here to support you across key areas, including Workday, Recruiting, and People Relations.

Find Your HRBP

HR Service Center

Reach HR Service Coordinators via the HR Service Center at (662) 915-7431.