HSAs- A Tax-Free Way To Save For The Future
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Is contributing to your HSA a part of your goals for saving for the future? Here is why you should consider it. Like contributing to a 401(k), you benefit from tax-free savings. The money you deposit into your HSA is exempt from federal income tax while your savings grows tax free. And in turn, money you spend on qualified medical expenses is income tax free too.
Here is how your HSA can work for you.
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Every year the IRS sets a yearly maximum contribution limit. For 2014, it is $3,300 for an individual and $6,550 for a family coverage. |
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By depositing funds into your HSA, it helps to reduce your federal income and FICA tax, and possibly your state tax, too. |
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Qualified medical expenses incurred throughout the year can be paid tax-free from your annual contributions. |
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Any money that isn’t used during the year- is yours to keep. An HSA is "portable." It stays with you if you change employers or leave the work force. |
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Your year-end balance will roll over to the following year allowing you to grow your HSA balance. |
You can put funds from your HSA into an investment account
Once you reach your investment threshold (usually $2,000), you have the opportunity to transfer money from your HSA cash account into an investment account allowing it to grow in a mutual fund.
You may wonder, what if you need that money to pay for unexpected medical expenses? If you need funds that your HSA can’t cover, you can transfer money from your investment account at any time to help pay for qualified medical expenses.
Take part in a Health Savings Checkup and see how much health care could cost you when you retire. By taking 5 minutes to fill out our online questionnaire, you’ll instantly get information and projections that will help you plan to:
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Stay healthy |
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Spend less on health care |
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Save more for your future |
Start your five-minute Health Savings Check up by clicking here.
In our upcoming issue, you will find out how you can use your HSA while planning for retirement.
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Financial Forums: Get the inside scoop on why a health savings account (HSA) may be among the smartest options for saving and paying for qualified medical expenses.
Learn More in Less Than an Hour
Our Financial Forums have a 20/20 format – taking only 40 minutes out of your day. The first 20 minutes are dedicated to discussing HSA topics, with the last 20 minutes held for Q&A.
Click here to view our recorded webinar on How to Save and Pay for Healthcare with your HSA.
November is American Diabetes Month*.
Diabetes is one of the leading causes of disability and death in the United States. If it’s not controlled, diabetes can cause blindness, nerve damage, kidney disease, and other health problems.
One in 12 Americans has diabetes – that’s more than 25 million people. And another 79 million adults in the United States are at high risk of developing type-2 diabetes.
The good news? People who are at high risk for type-2 diabetes can lower their risk by more than half if they make healthy changes. These changes include: eating healthy, increasing physical activity, and losing weight.
We are looking for your opinion!
Is the Health Savings Newsletter providing the information you’re looking for? We’d like to hear from you. We are committed to providing the tools and resources you’re looking for. Please click here to be brought to an 8 question voluntary survey and look for a new and improved newsletter in 2015. Please note, this survey may be blocked when accessed from computers, like work environments, with security filters. Thank you for your input!
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Check your balance, pay qualified medical expenses and more using optumbank.com on your smart phone or tablet.
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HSA FYI
New Year! New Limits. The increases in contribution limits and out-of-pocket maximums for HSAs from 2014 to 2015 match the increases made a year earlier, reflecting the government's calculation of a continuing modest inflation rate. Below is a comparison of 2014 and 2015 contribution limits:
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2014 HSA Limits |
2015 HSA Limits |
| Individual Coverage |
$3,300 |
$3,350 |
| Family Coverage |
$6,550 |
$6,650 |
HSA catch up contributions*: If you are an eligible individual who is age 55 or older at the end of your tax year, your contribution limit is increased by $1,000.
*Catch-up contributions can be made anytime during the year in which the HSA participant turns 55 and meets other IRS eligibility requirements.
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Investments are not FDIC insured, may lose value and are not guaranteed by Optum Bank |
* http://healthfinder.gov/NHO/NovemberToolkit.aspx
These guidelines are based on the recommendations of the U.S. Preventive Services Task Force (USPSTF), U.S. Department of Health and Human Services and the
Advisory Committee on Immunization Practices of the Centers for Disease Control and Prevention. They are provided for informational purposes only, and do not constitute
medical advice. Individuals with symptoms or at high risk for disease may need additional services or more frequent interventions. Discuss with your doctor how these
guidelines may be right for you, and always consult your doctor before making any decisions about medical care. These guidelines do not necessarily reflect the vaccines,
screenings or tests that will be covered by your benefit plan. Always refer to your plan documents for specific benefit coverage and limitations or call the toll-free member
phone number on the back of your health plan ID card.
In order to make a contribution to your HSA, you must be enrolled in a qualifying high-deductible health plan and meet the other requirements defined by the IRS.
For 2014, you can contribute up to the IRS limits of $3,300 if you have self-only coverage or $6,550 if you have family coverage. Contribution limits are increased by $1,000 for eligible individuals age 55 or older. These limits include contributions from you, your employer, or others.
Health savings accounts (HSAs) are individual accounts offered by Optum BankSM, Member FDIC, and are subject to eligibility and restrictions, including but not limited to restrictions on distributions for qualified medical expenses set forth in section 213(d) of the Internal Revenue Code. State taxes may apply. Fees may reduce earnings on account. This communication is not intended as legal or tax advice. Please contact a competent legal or tax professional for personal advice on eligibility, tax treatment, and restrictions. Federal and state laws and regulations are subject to change.
The email address from which this communication was sent is not monitored for responses. If you require assistance, please contact our customer service center toll-free at 1-866-234-8913. Customer care professionals are available to assist you Monday through Friday, 8 a.m. to 8 p.m. Eastern Time. This email was sent by: Optum Bank,
2525 Lake Park Boulevard, Salt Lake City, UT 84120, USA.
© 2014 Optum , Inc. All rights reserved. A09124 42378-102014
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