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    Health Savings Account (HSA)

    Employees enrolled in the High Deductible Health Plan (HDHP) are eligible to enroll in a Health Savings Account (HSA). An HSA is an individual-owned account designed for covering both current and future medical expenses.  It is utilized alongside the HDHP. Contribution limits for HSAs are capped at $4,150 for self-only coverage and $8,300 for family coverage. 

     

    Eligible employees are any individual that:

    • Is enrolled in a High Deductible Health Plan 
    • Is not covered by other health insurance (non-HDHP)
    • Is not enrolled in Medicare, Medicaid, or 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

     

    The advantages of an HSA include:

    • Able to be 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, withdraw funds tax-free (if used for qualified expenses))
    • Able to change contributions at any time

     

    HSA and FSA benefit rules:

    • Participants NOT electing an HSA are permitted to enroll in the general purpose FSA as long as their spouse does not have an HSA with their employer.
    • Participants who are enrolled in the HDHP AND have an HSA are permitted to enroll in the Limited Purpose FSA to cover dental and vision expenses.

     

    General Purpose Flexible Spending Account (FSA) - may be reimbursed for eligible health care expenses not covered by your medical, dental, and vision insurance. 

    Limited Purpose Flexible Spending Account (FSA) - this option is for employees enrolled in a Health Savings Account (HSA) eligible plan (HDHP).  Funds may be used for qualified dental and vision expenses.

     

    Why an HDHP with an HSA may be the right choice

    New Account Holder Checklist

    Optum HSA Mobile App

    HSA Handbook

    HSA Qualified Expenses

    User Guide

     

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