Overview

Participants in the High Deductible Health Plan may make a voluntary contribution to a Health Savings Account (HSA) via pre-tax payroll deduction. Accounts are held at Centier Bank for Valparaiso University Employees.

You must make an election EACH YEAR to contribute to your HSA, and you may change the election at any time during the year. There are two ways to make a change:

'Frontload' your account with increased contributions for a short period
- This process is used if you would like to increase your contribution amount for a short time period. For example, you learn of an upcoming expense and want to contribute more to prepare for that expense for 3 pay periods.
Change your contribution for the remainder of the year
- You may increase, decrease, or stop your contribution for all future pay periods
You can also deposit additional funds to your account (up to the annual maximum) anytime at a Centier branch.

Front-load your HSA Contributions

This process is to temporarily increase your HSA contributions for a set number of pay periods

Complete the Frontloading HSA - Temporary Payroll Deduction form
1. You will be asked for your name and ID number, and to confirm that you are in a High Deductible Health Plan
2. You will be given an option to use a calculator tool to determine how much you wish to deduct
3. Complete this section to select for how many pay periods, and how much ADDITIONAL you would like to have deducted. This will not change your election for the plan year, it will deduct your originally selected amount PLUS the additional amount for the selected pay periods.
5. The form must be submitted at least 9 days before the pay date for which you want the deduction to begin.

Change your HSA deduction for the rest of the plan year (the plan year is Jan-Dec)

These are the steps to take to change your HSA deduction amount for all future pay periods until the end of the plan year. You may do this at any time. Remember, you need to make a new election each year during Open Enrollment. Your deduction election does NOT automatically carry forward to the next year.

Go to the Benefit Enrollment for New Hires/Life Events site
1. You will be prompted to log in using your Valpo credentials
Select 'Update My Benefits'
Select the Health Savings Account option
1. A Life Event is not required for making an update to your HSA election. You may use the current date as the Life Event Date
You will be prompted to confirm you demographic information and your dependents, if there are no changes you can just click through.
Your list of benefit options and elections will be shown, select the Health Savings Account
2. Click 'Shop Plans'
Make your election
1. You can enter the amount you want to have deducted as either an annual total, or a per-pay-period amount.
3. Click 'Update Cart' and Submit
When you have completed your election update you will receive a confirmation page where you may request an email copy, or you may download or print a copy if desired.

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