Health Savings Account (HSA)
- Administered by Optum Bank.
- HSA is available for employees enrolled in the Choice Plus High Deductible Health Plan (HDHP).
- No monthly fee for the basic Optum Bank HSA. Fees apply when investment options are elected.
- HSA investment options are available when the basic account exceeds $2,000.
- Debit Card and Welcome Kit mailed from Optum Bank.
- No “use it or lose it” policy – account is owned and managed by you.
- IMPORTANT: Be sure to complete beneficiary information for your HSA.
- Must be enrolled in the Choice Plus Single or Family High Deductible Health Plan (HDHP).
- Cannot be covered by other insurance, including a non-High Deductible Health Plan.
- Cannot be enrolled in Medicare.
- Cannot be claimed as a dependent on another individual’s tax return.
- Cannot be enrolled and contributing to a full purpose Healthcare FSA, including a spouse’s full purpose FSA.
- $3,500 for single coverage.
- $7,000 for family coverage.
- $1,000 catch-up contribution if 55 or older. (Applies to primary account holder. If spouse is also 55 or older, the spouse must establish a HSA and make their catch-up contribution of $1,000 to that account.)
Eligible Expenses & Account Access
- You may use your HSA for qualified health-related expenses as allowed by the IRS, section 213(b).
- A full list of these expenses can be found on the IRS website (irs.gov).
- Unqualified distributions from your HSA are subject to income tax and 20% penalty.
- Important to remember–you cannot expense any claims incurred prior to the opening date of your HSA.
Note: A 20% penalty applies if HSA is not used for qualified expenses (waived at age 65)
Making Deposits and Account Access
- ABC Company pre-tax payroll deduction integration is only available with an established Optum Bank HSA. Changes to your deferral election can be made during the year on a monthly basis. Any changes made will be processed the first of the following month.
- Access and manage your HSA through a single log on to the UnitedHealthcare (UHC) site www.myuhc.com where you can view your account balance, set-up to transfer funds, pay bills, check deposits and withdrawals