An Optum HSA account means better financial health
A health savings account (HSA) is a tax-advantaged account that helps you pay for qualified medical expenses. The account is yours — not your employer’s — and the funds in it are yours to spend forever, even if you retire, change jobs or change health plans.
Additional HSA benefits include:
- Your employer may make contributions to your HSA.
- You can deduct your HSA contributions from your taxes.
- If you don’t need the funds in your HSA for immediate medical expenses, you can save and invest them until you do.
- No “use it or lose it” rules; the money you contribute carries forward from year to year.
- Once you turn 65, you can use your HSA for qualified and non-qualified medical expenses.
Why members trust Optum Financial for building health savings
Optum Financial is a leader in HSAs, with tools that help you pay for health care now and save for the future. With tax advantages and investment options, our HSAs are built to help you get more from your money — and your benefits.
Here’s what our account holders can count on:
- Ease of use: Our HSAs are easy to manage and access anytime.
- Helpful guidance: We provide support and education to help you use your HSA.
- Smart technology: Get financial tips and recommendations that fit your goals.
- More savings: Optum HSA users save more, with higher contributions and balances than average.
- Lower costs: Use your HSA to lower yearly medical and prescription costs.
- Integrated benefits: Our HSAs are part of a complete benefits package, ensuring a smooth and convenient experience.
Bottom line, we make it easy for you to take control of your health and money — and make health care payments simpler and more affordable.
We make it easy for you to manage your HSA funds
Manage your HSA online
Once you have an HSA with Optum, you have access to a variety of tools and resources, making it easy to manage your account online. Simply sign in to your account anywhere, anytime to pay bills, make deposits, upload and store receipts, check monthly statements and more.
You can also:
- Check out our qualified medical expense tool.
- Use our Health Savings Checkup tool to get an idea of how much money you’ll need for health care expenses in retirement.
- Use our HSA calculators.
- Stay on top of your contribution limits.
Manage your HSA with our app
Our advanced mobile app gives you all the tools you need when you’re on the go. Just sign in using fingerprint recognition or your password, then you’re all set to pay bills, search for qualified expenses and more.
Our app allows you to:
- Quickly check account balances.
- See lists of qualified medical expenses.
- Enter a new claim and check claim status.
- Request a provider payment.
- Upload claim documentation.
- Scan items in store to check eligibility.
- Tap to call Customer Care.
Manage your HSA online
Once you have an HSA with Optum, you have access to a variety of tools and resources, making it easy to manage your account online. Simply sign in to your account anywhere, anytime to pay bills, make deposits, upload and store receipts, check monthly statements and more.
You can also:
- Check out our qualified medical expense tool.
- Use our Health Savings Checkup tool to get an idea of how much money you’ll need for health care expenses in retirement.
- Use our HSA calculators.
- Stay on top of your contribution limits.
Online tools
HSA calculator
Calculate your tax savings, yearly contribution amounts and the potential future value of your HSA.
Qualified expenses
What can I buy?
Does your expense qualify? Use our expense eligibility tool to find out what expenses you can spend your HSA dollars on.
Explore more ways to maximize your HSA
Investment options
Investing part of your HSA balance makes your money work even harder — potentially growing tax free for future health expenses.
Save for retirement
An HSA isn’t just to pay for medical expenses. It’s a long-term savings tool that can help you meet your retirement goals.
Transfer your HSA
Already have a HSA with another provider? Save time by combining your HSA funds into one account with Optum Financial.
Shop and save
It’s easy to find qualified products at your favorite retailers. Use your HSA card for extra convenience and save 30%.
HSA-FSA card: Pay the smarter way
Learn more about the convenient way to pay for qualified expenses.
Boost your HSA balance
Take full advantage of your HSA tax benefits by contributing the maximum.
General information about HSAs
An HSA is a tax-advantaged savings account that allows you to set aside pretax money to pay for qualified medical expenses, including copays, prescriptions, dental care, contacts and more.
HSAs are available if you have a high-deductible health plan (HDHP) and meet certain eligibility requirements. If you enroll in an HSA, you can make pretax contributions through payroll deduction, then use those funds to pay for qualified medical expenses now and in the future.
You can contribute to an HSA if:
- You are enrolled in an HSA-compatible, high-deductible health plan.
- You are not covered by a spouse’s or a parent’s health insurance.
- You are not enrolled in Medicare.
- You can not a dependent on anyone else’s tax return.
The IRS sets annual HSA contribution limits that you cannot exceed.
It’s easy to find qualified HSA and FSA products at your favorite retailers. Find out whether your expense is qualified by checking out the qualified medical expense tool. Pay with your HSA card every time for faster payouts and less paperwork, plus, you save up to 30%* because you’re using pre-tax dollars.
If you’re under age 65:
- You can use your HSA to pay for qualified medical expenses using an HSA debit card, checks or online transfers.
- If you pay for an expense out of pocket, you can submit a receipt and other required documentation to your HSA administrator for reimbursement.
- If you withdraw funds to cover a non-qualified medical expense, you need to pay regular income taxes and a penalty on the withdrawal.
If you’re over 65:
- You can withdraw funds for nonqualified medical expenses, and you will need to pay regular income taxes on those withdrawals. There is no extra penalty.
Medical savings accounts (MSA) are for people enrolled in high-deductible Medicare plans. HSAs are for those enrolled in high-deductible private insurance plans.
No. You can open and contribute to an HSA at age 65 or later as long as you meet HSA eligibility requirements:
- You’re covered on an HSA-qualified medical plan.
- You’re not someone else’s tax dependent.
- You don’t have any conflicting coverage (including enrollment in Medicare). Turning age 65 does not, in and of itself, preclude you from remaining HSA-eligible absent any disqualifying coverage.
Using and contributing to an HSA
If you’ve just opened an HSA, browse our new account holder checklist to get off to a good start. You can also visit our financial wellness resource library for videos and other educational materials to help you make the most of your HSA.
There are 3 ways to contribute to your HSA:
#1 Set up recurring contributions
Sign in to your account to set up recurring contributions to ensure you’re contributing the maximum allowed by the IRS each year.
#2 Make a one-time contribution
If you haven’t contributed the maximum allowed by the IRS, you can make a one-time contribution to your account anytime.
#3 Employer payroll deductions
Some employers offer payroll deductions. Check with your employer to see if payroll deduction contributions are available to you.
Learn more about making an HSA contribution.
The IRS sets guidelines for how much you can contribute to an HSA each year. To learn more about the annual HSA contribution limits, visit our HSA contribution limits page.
Sign in to your account today and check your contribution limit.
No. You can keep your account, and the money in it remains yours, no matter what, even if you change jobs or move off a qualifying high-deductible health plan.
Changing HSA administrators doesn’t have to be difficult. Our specialists help make the process seamless. ConnectYourCare, now part of Optum Financial, has earned the distinction of serving as an IRS-designated non-bank trustee.
You currently have diverse investment options in your HSA, including self-directed mutual funds and digitally managed investments from Betterment. You can choose to invest based on how experienced you are and how involved you want to be in selecting your investments.
I don’t want to spend a lot of time managing my portfolio. Can I get help investing?
You may choose to have Betterment manage your investment funds. Betterment is an independent online investment advisor and combines low-cost, tax-efficient investment strategies with technology and personalized advice to help you pursue your financial goals.
Once you answer a few brief questions about your investment goals and priorities, Betterment will build a personalized portfolio of exchange-traded funds (ETFs) with investment mixes and risk levels that are suitable for you.
I have some investment experience and prefer mutual funds. Can I choose my own investments?
You may choose from among a number of pre-selected mutual funds from nationally recognized fund families. These have been selected to offer a broad and diverse range of investment objectives, with high Morningstar ratings and some of the lowest expense ratios in the industry.
We’re here to help
Whether you’ve just opened your HSA or you’re preparing to retire, our resources make it easy to save, pay and invest your HSA dollars.
Video
HSA-FSA card: Pay the smarter way
Watch this video to learn more about the most convenient way to pay for everyday health items like sunscreen, cough drops, wrist braces, tampons and more.
Transfer your HSA
It’s easy to combine your HSA funds into one account
How to use your HSA
Learn how to make deposits to and withdrawals from your HSA
HSA contribution limits
Take advantage of your HSA's tax benefits by contributing the maximum
*Savings compares using pre-tax income in your HSA to using after tax income for purchases and assumes a 30% combined tax rate from all applicable federal, state, and FICA taxes. Results and amount will vary depending on your circumstances.
Investments are not a deposit, not FDIC insured, not bank issued or guaranteed by Optum Financial or its subsidiaries, including Optum Bank, and are subject to risk, including fluctuations in value and the possible loss of the principal amount invested.