Health Savings Account

HSA Overview

HealthEquity will continue to be our HSA administrator. Only those enrolled in the BCBS Blue Care Elect Saver HDHP are eligible to enroll in an HSA. Discover what medical expenses your HSA may cover—from prescriptions to fitness programs.

Five Advantages of an HSA

1. You save on taxes three ways:
   • Your HSA contributions are made on a pretax basis, before federal and state* taxes are calculated. Maximum contribution amounts are subject to annual IRS limits.
   • Your HSA account can grow tax-free.
   • HSA dollars used to pay for qualified health care expenses are not subject to taxes. (If you use the money in your HSA for non-eligible expenses, a tax penalty of 20% may apply.)
2. Your HSA belongs to you — always. Your account balance is yours to keep and use even if you change health plans or leave Goodwin, and there’s no use-it-or-lose-it rule like the one with FSAs.
3. You can catch up on savings as you near retirement age. If you are age 55 or older, you are eligible to make an additional catch-up contribution, up to annual IRS limits.
4. Once your HSA balance reaches $1,000, you can invest your money in a variety of investment options to help your savings grow. For more information on the investment options, visit HealthEquity.
5. If you’re an employee, Goodwin will contribute to your HSA, even if you don’t. The company contribution varies, depending on your coverage level for medical insurance.

HSA Contributions for 2025

When you enroll in an HSA, you choose your contribution amount, and you can change it throughout the year. Partners may contribute up to the maximum IRS limits noted below. Employees may not contribute more than the combined Goodwin and employee contribution maximum.