Duke Advantage is Duke’s new High Deductible Health Plan that can be paired with a Health Savings Account (HSA). An HSA- eligible high deductible health plan (HDHP) satisfies certain IRS requirements with respect to deductibles and out-of-pocket expenses. You must elect coverage in the Duke Advantage HDHP in order to be eligible to open and contribute to the Duke HSA.
Duke Health Savings Account (Duke HSA)
The Duke Health Savings Account is administered by Fidelity Investments. Only participants enrolled in the Duke Advantage plan are eligible for the Duke HSA.
HSA accounts can be used to pay for qualified medical expenses such as deductibles, coinsurance, prescriptions, dental care, vision care and can be used to reimburse yourself for Medicare premiums once you have turned 65 and are enrolled in Medicare.
You are ineligible for the Duke HSA if you have other medical coverage through Medicare, Tricare or a plan that is not a high deductible plan such as an HMO or PPO. You are also ineligible if you have received medical benefits from the VA in the previous three (3) months. You may not enroll in the HSA if you or your spouse have coverage with a general purpose Health Care FSA or Health Care Reimbursement Account.
The maximum combined annual contribution (employer and employee) for the Duke HSA is $4,400 for Individual coverage and $8,750 for Family coverage. Duke will make an annual contribution of $200 for Individual coverage and $500 for Family coverage. Any level of coverage above Employee Only is considered Family coverage.
Medicare Enrollment
You are ineligible to enroll in an HSA once you are covered by Medicare Part A or B. If Medicare Part A enrollment is delayed after age 65, a 6 month look-back rule will apply and Medicare will be retroactive for 6 months. Therefore, HSA contributions must end 6 months before enrollment in Medicare.