Health Savings Account (HSA)

Plan Information

Provider: Rocky Mountain Reserve
Phone: 888-722-1223
Website: www.rockymountainreserve.com

Rocky Mountain Reserve Website / Platform Updates

Beginning on September 1, 2024, RMR will update changes to modernize their platform and systems. As part of this change, you will receive a new payment card, and will use a new online account and mobile app. Your new card will be chipped for greater security and easy “tap to pay” functionality. You can even add it to your phone’s digital wallet. You’ll also have faster claims reimbursement payments, and you’ll have the option to receive your payments via Venmo and PayPal. Rocky Mountain FAQs Document Here.

Important Dates:

• 8/19/2024 – Your new payment card will be mailed. It will be a white card with the RMR
  logo. Keep your eye on your mailbox and activate it right away so it’s ready when you need.
• 8/30/2024 – Last day to submit claims for reimbursement to your previous account and to
  use your blue RMR payment card for anything that is not an HSA.
• 9/1/2024 – Your new plan year account and card are live! Sign in to your new account at
  https://rmr.elevateaccounts.com/login. Don’t forget to download the new RMR app, RMR
  Benefits, and begin using your new card. All new payroll deductions will go into the white card
  accounts.
• 9/15/2024 – All existing plan balances have been moved over to the new platform.
• 9/30/2024 – Last day to use your RMR blue card for your HSA. If you choose to transfer
  your funds into your white card account, to avoid a monthly fee from the bank starting
• 10/1/2024, you will need to liquify your investments and fill out a transfer form. RMR will
  reimburse any transfer fees at this time.

Questions? Visit Rocky Mountain Reserve’s transition resource center for dates, instructions and FAQs. Thank you for your attention to this important topic. We look forward to continuing to bring you helpful
information and useful employee benefits.

What is a Health Savings Account?

A Health Savings Account (HSA) is an individually owned, tax-advantaged account that you can use to pay for current or future IRS-qualified medical expenses. With an HSA you’ll have the potential to build more savings for healthcare expenses or additional retirement savings through self-directed investment options.

Note: If you are enrolling in the Cigna HDHP plan and will have an HSA with Rocky Mountain Reserve (RMR) for the first time, you will receive a "Welcome" email from RMR.  If you want to contribute to your HSA, please complete the HSA Payroll Deduction form and return it to benefits@du.edu.

Are You Eligible for an HSA?

You are eligible to open and contribute to an HSA if you meet all seven of the following criteria:

1. You are covered by an HSA-qualified health plan (HDHP)
2. You are not covered by other health insurance (with some exceptions)
3. You are not enrolled in Medicare
4. You are not enrolled in TriCare
5. You are not eligible to be claimed as a dependent on another person’s tax return
6. You have not received health benefits from the Veterans Administration (except for a "service related disability") or an Indian Health Services facility within the last three months
7. You are not covered by your own or your spouse’s Healthcare FSA

How Does an HSA Account Work?

You can contribute to your HSA via payroll deductions, an online banking transfer, or sending a personal check to RMR. Your employer or a third party such as a spouse or parent may contribute to your account as well.

You can pay for qualified medical expenses with your debit card directly to your medical provider or pay out-of-pocket. You can either choose to reimburse yourself or keep the funds in your HSA to grow your savings.

Unused funds will roll over year to year. After age 65, funds may be withdrawn for any purpose without a penalty but will be subject to ordinary income taxes.

How Much Can You Contribute to Your HSA?

DU contributes $331.68 per year ($27.64 per month) to your HSA. Your contribution plus DU's contribution cannot exceed the IRS maximum for the calendar year.

More Information 

For more information, view the HSA Enrollment Guide and visit RMR's website about HSA.