Vanderbilt Human Resources has provided an update to the Open Enrollment frequently asked questions:
Q: I understand that Vanderbilt will contribute to my Health Savings Account (HSA) if I select the CDHP for 2019. Will Vanderbilt also contribute in future years?
A: Yes. If you are a fully benefits-eligible employee, Vanderbilt will provide employer contributions for at least the first 3 years of the CDHP plan (2019, 2020, and 2021). For the first year, 2019, to get people started, Vanderbilt will contribute $750 if you enroll in the individual tier and $1,500 if you enroll in any of the family tiers. Vanderbilt’s employer contributions are deposited in two parts (half in January and half in July). Faculty and staff are encouraged to contribute as much as they can themselves (up to the allowable federal limit), throughout the year to build for their future healthcare expenses. For 2020, Vanderbilt expects to contribute at least $500 (individual) and $1,000 (family). After we know more about how the plan performs during the first year, we will finalize the 2020 and 2021 employer contribution amounts.
Q: If a faculty or staff member gets hired into a fully benefits-eligible position during the year — or goes from partially benefits-eligible status to fully benefits-eligible, or has a qualifying life event — and elects the CDHP plan at that time, due to the change, when are they eligible to participate in the HSA and receive Vanderbilt’s employer contribution?
A: In any of these scenarios, if you become newly-eligible for the CDHP with employer contributions to the HSA, you may set up — and begin your own contributions to — the HSA, without a waiting period. Vanderbilt makes contributions to the HSA twice a year, once in January and once in July. So, for example, an employee hired in May into a fully benefits-eligible position will be eligible to receive the next available Vanderbilt contribution in July. An employee who gets married in May and switches from employee only to employee + spouse coverage will receive the family-tier Vanderbilt contribution in July.
Open Enrollment for 2019 benefits is taking place now until Oct. 31. Visit vu.edu/oe to enroll now.