Health Savings Account (HSA) Only available with a HDHP health plan
If you elect the High Deductible Health Plan (HDHP), most employees (certain restrictions apply) have the opportunity to set up a Health Savings Account (HSA), which allows you to contribute pre-tax funds to pay for eligible health (medical, dental and vision) expenses.
The IRS sets the maximum amount you can contribute each year to a Health Savings Account, with special provisions to those over age 55. Although similar to a Flexible Spending Account, the Health Savings Account is portable and unused funds are not forfeited.
The College has partnered with M&T Bank for direct deposit of HSA funds, but you can select any bank you choose that offers a Health Savings Account.
The links in the Resources section will provide you additional information to help you decide if a M&T Bank Health Savings Account is right for you.