• Health Savings Account (HSA)
     

    Optum logoWith the addition of the High Deductible Health Plan employees are eligible to enroll in a Health Savings Account (HSA). An HSA is a special account owned by an individual used to pay for current and future medical expenses. HSA’s are used in conjunction with a High Deductible Health Plan (HDHP). The maximum amount that can be contributed to an HSA is $3,650 for self-only coverage and $7,300 for family coverage. 

     
    Eligible employees are any individual that:
     
    • Is covered by an HDHP
    • Is not covered by other health insurance (non-HDHP)
    • Is not enrolled in Medicare, Medicaid, Tricare
    • Is not covered by HRA or FSA (some exceptions apply)
    • Cannot be claimed as a dependent on someone else’s tax return­
    • Children cannot establish their own HSA’s

    The advantages of an HSA include:

    • Used to pay for current and future medical expenses
    • No use it or lose it rule
    • Funds roll from year to year
    • Tax-advantages (contribute money pre-tax, accrue tax-free, withdrawn funds tax-free (if used for qualified expenses))
    • Can decide to change contributions monthly throughout the year

    HSA and FSA benefit rules:

    Participants that elect the HDHP AND the HSA are also permitted to enroll in the Limited Purpose FSA.

    Participants NOT electing HSA are permitted to enroll in the general purpose FSA as long as their spouse does not have an HSA with their employer.

    General Purpose Flexible Spending Account (FSA) Employer-sponsored reimbursement account primarily funded by salary reductions. Funds are reimbursed to the employee for qualified medical healthcare, dental and/or vision expenses.

    Limited Purpose Flexible Spending Account (FSA) Similar to a general purpose FSA but reimbursements can only be used for qualified dental and vision expenses.

     

    Introduction to Health Savings Accounts 

    HSA Plan Document Addendum

    HSA Summary Plan Document Addendum

    Information about CARD

    User Guide

    Why an HDHP with an HSA may be the right choice

     

    Optum Bank Information:

    Optumbank.com or Optum Bank, Customer service number 1-866-234-8913.