Frequently Asked Questions

A Health Savings Account (HSA) allows you to pay for qualified dental, medical, and vision expenses as well as save for future qualified expenses on a tax-free basis. An HSA is similar to an Individual Retirement Account (IRA) established for the benefit of you, owned by you, and is portable. If you change employers, the HSA stays with you.
 
Any unused money in your HSA at the end of the year rolls to the next year. You may also choose to invest your HSA money. Any interest or dividends generated by investments are added to your HSA account tax-free.

You are eligible for an HSA if you:

• Are covered under a high-deductible health plan (HDHP).
• Have no other medical coverage. You cannot be covered by a family member’s non-HDHP or a medical FSA/HRA.
• Are not enrolled in Medicare.
• Cannot be claimed as a dependent on someone else’s tax return.
• Have a valid Social Security number.

Both accounts will enable you to pay for qualified medical expenses with pre-tax dollars. The main difference between the two accounts is that the HSA will rollover from year to year. The HSA rollover allows you to be reimbursed for expenses that were incurred on or after the HSA start date. You can use the funds in your HSA for expenses that incurred as far back as the original date your HSA was opened.
 
The Healthcare and Healthcare Limited FSAs are limited to a plan year and will only rollover up to $570 for the 2023 plan year, and up to $610 for the 2024 plan year. HSAs will reimburse to the available balance you have accrued through contributions, whereas the FSA is fully available at the beginning of the plan year.
 
HSA enrollment restricts you from participating in Healthcare FSA . You may, however, participate in a Healthcare Limited FSA and Dependent Care FSA with your HSA. The Healthcare Limited FSA is restricted to dental, vision, and post-deductible medical expenses. To be reimbursed for post-deductible medical expenses, third-party documentation with the proof of the deductible being met and the date it was met will need to be submitted to WEX Inc.
 
If you are using your Benefit Card, dental and vision expenses will be taken from your Healthcare Limited FSA first. The card will classify any medical expenses as HSA. For example, if you use your card at EyeGlass World, the expense will be withdrawn from your Healthcare Limited FSA first provided there are enough funds available.
 
Benefit Card transactions can be modified if they are classified to the wrong account. If you would like one corrected, please send us an email with the transaction date, amount, and which account it should be applied to. For transactions that are moving from your HSA to your Healthcare Limited FSA, please also submit substantiation.

To access your account, we have two user-friendly options; IU Benefits Mobile App and our website.
 
The IU Benefits Mobile App can be used on smartphones and tablets. Instructions for accessing the IU Benefits Mobile App are available under Forms & Resources at benefit-info.com/iu. You will use the following login credentials.
 
If you have logged in and have not changed your username from the 10-Digit Employee ID Number
 
Username: 10-Digit Employee ID Number
Password: Click forgot password follow the prompts
 
If you have logged in and changed your username from the 10-Digit Employee ID Number
 
Username: Enter your username
Password: Click forgot password follow the prompts
 
If you have never logged in: Click, Get Started follow the prompts
 
Your login will be the same for the mobile app or the online portal from the website.
 
The IU Benefits Mobile App and online portal will allow you to: view your balances, view account activity, view notification history, file claims, and submit receipts for outstanding debit card transactions.
 
Your account is automatically created when you are enrolled.

You or your spouse may have a Healthcare Limited FSA in combination with your HSA. A Healthcare Limited FSA is limited to dental, vision and post-deductible medical expenses only.

No. HSAs are individual accounts that are opened in one person’s name. While your HSA will cover expenses for the family, the account itself remains in your name.

With self-only high-deductible health plan (HDHP) coverage, each spouse can contribute up to the yearly maximum contribution for individual coverage.
 
If either spouse carries family HDHP coverage, both spouses are treated as having family coverage. The HSA maximum for family coverage will need to be split between both spouses upon agreement. This agreement could be that the spouse with family HSA coverage contributes the maximum while the other spouse waives his/her HSA for the year. The combination of contributions to the two HSA accounts cannot exceed the yearly maximum contribution for family coverage.

Monthly HSA statements are available through the online portal, benefit-info.com/iu. We recommend that you review them periodically. You may also sign up for paper statements to be mailed to your home for $1.50/month.

You may enroll in an HSA during your new hire enrollment period, IU’s Open Enrollment, or anytime throughout the year. Contact your HR department for additional information.

Yes, but your contributions may not exceed the maximum contribution amount between all your HSAs.

You may check your HSA balance at any time by logging in to benefit-info.com/iu. After you log in, click Your Balances on the left side. Your HSA balance will be listed in the left column with your HSA investment balance listed below it.
 
The amount listed in your HSA balance is the amount available on your debit card. Any amount shown in your investment balance is accessible to you by creating a distribution through our website.

Your account activity is available in real-time by accessing our website at benefit-info.com/iu. After you log in, you will click Your Balances on the left side, and then click Accounts in the top menu bar. Next, click Account Activity to view all contributions and distributions processed on your HSA.
 
You may export your account activity to an Excel spreadsheet by clicking the Export button.

No. You do not need to submit documentation to create distributions or use your debit card on your HSA. We recommend that you keep HSA documentation in a folder near your tax documents. Documentation may be requested if you would like a debit card transaction to be moved from your HSA to a Healthcare Limited FSA.

Your HSA tax documents are available on our website at benefit-info.com/iu. Once logged in, click on Your Balances, and then hover on Accounts in the top menu bar. You will then select Statements on the left hand side. The 1099-SA Distribution Statement will be available by the end of January and the 5498-SA Contribution Statement will be available by mid-February.

If your employment ends with Indiana University, your HSA will remain active.
 
All features that you are accustomed to will be continued on your HSA. A monthly administration fee will be applied directly to your account. (Previously, this was paid by your employer.)

If you have a beneficiary on your HSA, your beneficiary will be able to submit an HSA Death Distribution Form and request the HSA be sent to the estate, or converted to an HSA in the surviving spouse’s name. If no beneficiary is listed on your HSA, the state of Indiana requires the HSA distribution to be made to the estate of the deceased. Extra documentation may be requested to process a death distribution to an estate.

You may add or update your beneficiaries at any time through our website, benefit-info.com/iu. Once logged in, click on Your Balances, and then click on Profile in the top menu bar. Click on Add Beneficiary on the right side. Please note that adding a beneficiary does require the beneficiary’s Social Security number.

Yes. Both can be listed as a beneficiary. The tax ID number included on their legal documentation will need to be entered into our website. If you need assistance, please let us know via email at IUSupport@wexinc.com, or by phone at 800-284-8412.

IU will pay your monthly administration fee.
 
The following fees are applicable:
HSA Check Distribution Fee: $10.00/each; if issued to a provider the fee is waived
Return Fee: $15.00/each
Stop Check Fee: $20.00/each
HSA Account Summary Fee: $1.50/month
Additional or Replacement Debit Card Fee: $10.00/set of two (2) Debit Cards
Quarterly Custodial Management Fee: 25 Basis Points/annum investment in mutual funds
Monthly Account Maintenance Fee for Terminated Participant: $2.75/month

If you are no longer enrolled in the HSA through IU, you may close your HSA at any time by submitting an HSA Distribution Form to transfer or rollover your HSA balance.
 
If you do not have a balance in your HSA, you may send an email request to IUSupport@wexinc.com. Please include your name and your 10-digit employee ID number to verify that you would like your account closed.

An HSA contribution is a deposit made into your HSA.

Each year, the IRS sets maximum contribution limits for HSAs.
 
For 2023, the maximum contribution limits are:
Individual: $3,850
Family: $7,750
 
For 2024, the maximum contribution limits are:
Individual: $4,150
Family: $8,300

A contribution can be made by you, your employer, family members, or anyone who would like to contribute to your HSA.

The allowable catch-up contribution for participants over 55 is $1,000. This amount adds to the coverage maximum limits.
 
For 2023, the maximum contribution limits with catch-up are:
Individual: $4,850
Family: $8,750
 
For 2024, the maximum contribution limits with catch-up are:
Individual: $5,150
Family: $9,300

After enrolling in the HSA your contributions are made through payroll deductions with your employer. You may contribute directly from a personal bank account into your HSA via our website, benefit-info.com/iu.
 
You may also contribute by sending a check payable to WEX Inc. by mail at:
 
IU HSA/FSA
c/o HSA
P.O. Box 2905
Fargo, ND 58108-2905

Your payroll contributions may be changed. To change your contribution amount, contact your HR department.

You will have until tax day of the following year to contribute up to the maximum into your HSA.

You may transfer or rollover HSA money from an HSA custodian to WEX Inc. by completing the HSA Transfer Form and submitting the form to your current HSA custodian.
 
A transfer or rollover must be made to the same owner of the HSA; i.e. John Doe’s HSA at Chase to John Doe’s HSA at WEX Inc. A spouse is not allowed to transfer or rollover into their spouse’s HSA.

Please note that transfers are unlimited from custodian to custodian. Rollovers may occur once per 12 months.

Per IRS guidelines, HSAs are individual accounts that cannot be combined between spouses. Accounts stay in the name of the individual that originally opened the account. For example, if Joan opened an HSA with CHASE but later wanted to transfer it to her husband Bill’s WEX Inc. HSA, she would not be able to roll her funds into Bill’s account. Joan’s HSA is in her name, and Bill’s HSA is in his name. They may not be combined to consolidate accounts between spouses.

If a contribution is made over the HSA maximum for the year, WEX Inc. will send a notification to the HSA account holder. It is the account holder’s responsibility to decide whether to create an excess distribution or pay the tax penalty on the excess contribution by tax day of the next year.

You may request an excess distribution by completing the HSA Distribution Form and submitting it to us via email at IUSupport@wexinc.com, fax 888-887-9961, or by mail at:
 
IU HSA/FSA
c/o HSA
P.O. Box 2905
Fargo, ND 58108-2905

A mistaken distribution is a refund processed back to your HSA. You may pay your HSA back any refunds that you have received directly from your personal bank account and then send an email to IUSupport@wexinc.com with your name, your 10-digit employee ID number, and the refund contribution you have submitted. We will manually adjust the transaction from a normal contribution to a mistaken distribution. (Without this adjustment, it could place your contributions over your HSA maximum contribution for the year.)
 
You may also complete the HSA Contribution Form and send a check payable to WEX Inc. by mail to:
 
IU HSA/FSA
c/o HSA
P.O. Box 2905
Fargo, ND 58108-2905
 
All mistaken distributions must be processed by tax day of the next year.

After you have reached a balance of $1,000 in your HSA, you may enable your HSA Investments. You will need to log in at our website, benefit-info.com/iu.
 

1. Click on Your Balances.
2. Click on Manage Investments.
3. Click on Investment Account Setup.
4. Select Yes to enable auto-investment transfers.
5. Specify a value at or above $1,000 to automatically transfer to your investments account.
6. Click Save/Next.
7. Select your investment options.

Your investment threshold is the amount that you specify in Setup Investment Transfers; a minimum of $1,000. The threshold determines the amount that is pushed to your investments. With auto-investment transfers on, it will automatically send money over the threshold in $100 increments over to the investments. If the HSA account falls below the threshold, it will also automatically pull money out of investments back to the HSA account.
 
Transfers can be turned off at any time by re-entering the Investment Account Setup screen and selecting “No” to auto-investment transfers.

Transfers into the investment accounts are handled by the investment values that you have assigned in Manage Investments. Reverse transfers are pulled pro-rata from all investments.

You may transfer or realign your investments by changing your investments in Manage Investments. After you have changed the percentages, it will give you the option to realign.

Transfers will also work in reverse. If the general HSA falls below the threshold, money will be transferred out of the investment area into the general HSA. The minimum threshold allowed is $1,000. Transfers can be turned off at any time by selecting “no” to auto-investment transfers.
 
The reverse transfer is handled pro-rata. This means that based off where your money is currently invested, it pulls the money out of the accounts by formula. For instance, if you are invested in two accounts at $500, it would pull equal amounts from the accounts. However, if you had $750 in one and $200 in another, it would pull more out of the $750 investment than the $200 investment. It is not directly tied to the percentages that were initially used for investment.

Basis points are administrative fees applied to mutual funds. 25 basis points is equal to .25% for the year.

It takes 2 business days for a trade to process. Trades created after 2:30 pm EST are started on the next business day.

An HSA distribution is a withdrawal from your HSA.

You may create a distribution by using your debit card, our website, benefit-info.com/iu or on the IU HSA/FSA Mobile App. A distribution created online can pull from both your HSA account and your investment account.

A distribution can take up to 3 business days to process.
 
Distributions are processed on business days. Direct Deposits are available in your personal account within 72 hours of processing. Checks may take up to 5 business days to arrive.

You can create and receive as many distributions as you have funds available for. There is not a limit on the number of distributions that you can make. Distributions are generated in real time on our website, benefit-info.com/iu. You can make an unlimited number of distributions as long as you have enough funds in your account.

Distributions are processed on business days. Direct Deposits are available in your personal account within 72 hours of processing. Checks may take up to 5 business days to arrive.

Yes, you may create distributions for qualified expenses incurred in previous years that your HSA was active. You cannot request distributions for expenses prior to your HSA’s effective date.

Distributions are taxed differently based on how they are used. Distributions from an HSA used exclusively to pay for the qualified medical expenses of you, your spouse, or eligible dependents generally are excludable from gross income. The amount of any distribution not used exclusively for qualified medical expenses will be includable in your gross income and may be subject to an additional premature distribution penalty tax. This penalty tax does not apply to distributions made after your death, disability, or attainment of age 65. In addition, distributions made for expenses that are reimbursed by another health plan are includable in your gross income, whether or not the other health plan is a high-deductible health plan (HDHP).

We provide an Expense Eligibility Table to help determine eligibility. We are also available to assist with eligibility questions via email at IUSupport@wexinc.com or by phone at 800-284-8412.

You may repay your HSA by making a mistaken distribution or you may pay a tax penalty when you file your taxes for the year on the prohibited distribution.

If a beneficiary is on the HSA, we will need the HSA Death Distribution Form to be completed and returned to us with a copy of the death certificate.
 
If a beneficiary was not listed on the account, we will need a completed HSA Death Distribution Form, a copy of the death certificate, and one of the following:

• Letters Testamentary for Estate
• Small Estate Affidavit
• Affidavit of No Administration

 
If a death distribution does not have the necessary paperwork, we will reach out to the submitter via letter or phone to request additional documentation.

Yes, you are still eligible for an HSA. Your dependent’s non-HDHP coverage does not affect your eligibility, even if they are covered by your HDHP. You can contribute up to the statutory limit.

Your FSA election would disqualify your spouse to be eligible for an HSA. Any HSA contributions made during your coverage period in the FSA would need to be removed from your spouse’s HSA before he/she files income taxes. As long as the ineligible funds are removed from the HSA prior to filing taxes, there will be no penalty.
 
An excess distribution will need to be requested from the HSA custodian. WEX Inc. requires the HSA Distribution Form to be completed and returned to create an excess distribution. Excess distributions cannot be created through the website benefit-info.com/iu.

The balance on your Benefit Card is directly tied to the cash balance you have in your HSA. Your threshold setting determines the amount that is available in your cash account. For example, if you had $4,000 in your HSA with your threshold set to $2,500, then you would have $2,500 in your cash account and the remaining $1,500 would be in your investments.

Fortunately, WEX Inc. does not limit the amount of distributions that you can make. Distributions are generated in real time on our website, benefit-info.com/iu. You are able to make an unlimited amount of distributions as long as you have enough funds in your account.

Distributions from your HSA to pay or reimburse qualified medical expenses incurred in the current year may be deferred to later taxable years, as long as those expenses were incurred after your HSA was established. HSA distributions in the current year can be used to pay or reimburse qualified medical expenses incurred in prior years, as long as those expenses were incurred after your HSA was established. We recommend you keep all receipts for this purpose.

It is your responsibility to determine whether distributions from your HSA are used for qualified medical expenses. We suggest that you keep all of your medical receipts for tax purposes.
 
We provide an Expense Eligibility Table to help determine eligibility. We are also available to assist with eligibility questions via email at IUSupport@wexinc.com or by phone at 800-284-8412.

At age 65 and older, your funds continue to be available without federal taxes or state tax (for most states) for qualified medical expenses; for instance, you may use your HSA to pay certain insurance premiums, such as Medicare Parts A and B, Medicare HMO, or your share of retiree medical coverage offered by a former employer. Funds cannot be used tax-free to purchase Medigap or Medicare supplemental policies.
 
If you use your funds for qualified medical expenses, the distributions from your account remain tax-free. If you use the monies for non-qualified expenses, the distribution becomes taxable, but exempt from the 20 percent penalty. With enrollment in Medicare, you are no longer eligible to contribute to your HSA. If you reach age 65 or become disabled, you may still contribute to your HSA if you have not enrolled in Medicare.

It will take 3-4 business days for funds to be deposited into your cash account after the investment sell has been initiated. If you have an investment auto transfer in place, this will occur any time your cash account falls below the threshold you have set. If you increase the threshold amount, this will also trigger an automatic transfer of funds into your cash account.
 
Please be aware that additional transactions posted to your cash account may delay the selling process of your investments. All transactions must be settled in your cash account before the investment transfer will occur.

It will take 3-4 business days for funds to be deposited into your cash account after the investment sell has been initiated.
 
Please be aware that additional transactions posted to your cash account may delay the selling process of your investments. All transactions must be settled in your cash account before the investment transfer will occur.

Due to the HIPAA Privacy Rule, WEX Inc. is requiring participants to have an Authorization to Disclose Information Form on file if a participant would like information disclosed to an individual other than the account holder. By signing this form, you are authorizing the disclosure of your PHI (Personal Health Information) in connection with this plan. WEX Inc. will be unable to disclose any information to individuals except the account holder without a signed form on file.
 
The Authorization to Disclose Information Form is available on our website benefit-info.com/iu under Forms & Resources. You can also request a form through IUSupport@wexinc.com or our customer service line at (800) 284-8412.

You can change your banking account information at benefit-info.com/iu or the Mobile App. After you log in, click on Your Balances from the column on the left. Go to the Profile tab. Click on Banking/Cards in the left-hand column. In the middle, you will have the option to Add Bank Account or View/Update current bank account on file. Click on Add Bank Account to add your banking information. Click on View/Update to change your current bank account information. You will be asked to confirm the answer to your security question before your banking information will be updated. If you cancel this action, your banking information will not be updated. Please note, that adding a bank account will not automatically change your reimbursement method.
 
After you have added your banking account information you will receive an email with directions to complete an additional verification step and fully activate your account.

Your debit cards will be reissued every three years for security purposes. The two original cards you were issued will be replaced with no additional cost to you. The replacement cards will arrive before the expiration of your current cards.
 
If you need cards reissued prior to expiration, you can request cards through benefit-info.com/iu. After you log in, click on Your Balances from the column on the left. Click on the Profile tab, and then click on Banking/Cards in the left-hand column. From this screen, you will click on Order Replacement. A confirmation screen will appear that asks to verify your address before issuing new cards. Click on Submit after you have verified your home address. If your address is incorrect, please contact your HR department to update it prior to requesting new cards.
 
Please note, each time you order replacement cards you will receive two cards and be charged $10.00.
 
Debit cards are not available for use with the Dependent Care FSA.

You can report your debit cards as lost or stolen by logging into your online account at benefit-info.com/iu or on the Mobile App. This will immediately suspend your cards from use. New cards will be mailed to you within 7 to 10 business days.
 
To report your cards as lost or stolen online, you must log in. Click on Your Balances from the column on the left. Click on the Profile tab, and then click on Banking/Cards in the left-hand column. From this screen, you will click on Report Lost/Stolen. A confirmation screen will appear that asks to verify your address before updating the card status. Click on Submit after you have verified your home address. If your address is incorrect, please contact your HR department to update it prior to requesting new cards.
 
You can also report your card as lost or stolen by emailing us at IUSupport@wexinc.com or by calling us at (800) 284-8412. Our hours of operation are Monday through Friday from 7:30 a.m. to 5 p.m. Eastern Standard Time.