Health Savings Account (HSA)

You may open and contribute to an HSA when you sign up for the GW Health Savings Plan (HSP). 

A Health Savings Account (HSA) is a tax-advantaged personal savings account and financial tool, helping you save for healthcare expenses, including deductibles and coinsurance now or in the future. Contributions to your HSA account are pre-tax, and any interest earned on the account is tax-free. 

In 2024, you may contribute (via payroll deduction) up to $4,150 to your HSA if you have individual coverage, or up to $8,300 if you are covering yourself and additional family member(s). If you are age 55 or older, you may contribute an additional $1,000 to your HSA.  Please note that HSA fees may apply.

  • For quick and comprehensive answers to commonly asked questions regarding your HSA, please visit the Bank of America FAQ's page.

Remember: You can change your HSA contribution amount any time during the plan year by visiting Click "Change your HSA Contribution" in the Find it Fast section to get started.

Qualifications for an HSA:

  • You must be covered under a high-deductible health plan (HDHP), such as the GW HSP
  • You cannot be covered under a non-HDHP along with the HSP
  • If your spouse has non-HDHP coverage, you cannot be covered by that plan
  • If you elect an HSA, your spouse cannot have a Health Care FSA
  • You cannot be claimed as a dependent on someone else's tax return

Investing Your HSA

Did you know your HSA funds can be invested?  Once you reach a minimum balance of $1,000, you can open an investment account and invest your funds over $1,000. More good news – the contributions, earnings and qualified withdrawals to these investment accounts are tax-free. Bank of America has more information on investing and an on-demand seminar to help you get started. You can also view GW's custom investment line up posted on the Bank of America website.

Other insurance or accounts not allowed with an HSA:

  • Part A and/or Part B Medicare (In some cases, drawing Social Security benefits automatically enrolls you in Medicare Part A)


  • Any VA benefits used within previous 3 months, unless used for a service-connected disability
GW HSA Matching Contribution

GW will make a tax-free matching contribution to your account. You must open an HSA through GW’s third-party administrator, Bank of America, in order to receive this funding. If you have employee-only coverage: For every $1 you contribution to your HSA, GW will match your contribution on a one-for-one basis up to $600. If you are covering any dependents (spouse/domestic partner or children): For every $1 you contribute to your HSA, GW match your contribution on a one-for-one basis up to $1,200! IMPORTANT: Your HSA contribution + GW’s contribution cannot exceed the annual IRS limits.

HSA Information - Retiree Health Savings Plan
  • Retirees enrolled in the Retiree Health Savings Plan (HSP) may open a Health Savings Account (HSA), which will function in a very similar way to the active employees’ HSA. There are just a few differences:
    • As a retiree, you will fund your HSA directly. Any contributions you make will be tax-deductible when you file your annual taxes.
    • You may fund your HSA, in installments or in a lump sum, at any time during the year, up to the annual limits.
    • You may open your account at any institution you choose.
    • You may contribute to your HSA until you are 65.
    • At age 65, although you can no longer contribute additional funds, you can use your accumulated HSA funds to pay for Medicare parts, A, B, and D, in addition to any other medical expenses you may incur.