Learn more about an HSA
Life has its surprises, but with an Optum Bank HSA, paying for qualified medical expenses won't be one of them. Learn more about the benefits of an HSA.
Save money on taxes
An HSA is a triple tax-advantaged account that can help you pay for qualified medical expenses.
No “use it or lose it” rule
You get to keep the money in your HSA, no matter what, even if you change jobs or move off a qualifying high-deductible health plan.
It's a family affair
You can use your HSA to pay for the qualified medical expenses of anyone you claim on your taxes, even if you’re only enrolled with single coverage.
What is an HSA?
An HSA is designed to work with a qualifying high-deductible health plan (HDHP). The money goes in tax-free, grows income tax-free and comes out income tax-free when you use it for qualified medical expenses.
You can carry over unused funds from year to year, and the account is yours to keep even if you change jobs, change health plans or retire.
Take charge of your healthcare spending. Save smart, it’s easy with a health savings account, or HSA.
An HSA is used to save for qualified medical expenses for you and your eligible dependents, both now and in the future. It works like a regular bank account.
However, an HSA has big tax benefits. In fact, in most cases there are three ways an HSA helps you keep your money in your pockets and out of Uncle Sam’s.
First, generally you won’t pay federal income tax on money you deposit into your account. Keep in mind the IRS sets limits on how much you can contribute each year.
Second, you won’t pay income tax on money you use for qualified medical expenses, that includes vision and dental expenses.
And third, your savings grow income tax free, helping you create a nice little nest egg for retirement.
More good news, with an HSA there’s no use it or lose it rule, that means the money in your account is yours to keep, even if you change jobs or health plans.
Who’s eligible for an HSA? The main requirement is that you’re covered under a qualifying high-deductible health plan or HDHP. Although there are additional requirements defined by the IRS.
So, don’t wait, if you don’t already have an HSA open one! If your HSA is already up and running, contribute to it.
Start taking charge of your health care savings and spending with a health savings account, an easy way to save smart.
Understanding how to connect your health and finances is more important than ever.
Our resource library brings together industry-leading education, tools and resources designed to help you make the most of your health accounts.
IRS reminder for COVID-19 tests and PPE
The Internal Revenue Service (IRS) issued a reminder, IR-2021-181, that COVID-19 home testing kits are eligible for reimbursement under health care FSAs, HSAs, HRAs and Archer MSAs.
*Your FSA plan may exclude reimbursement for certain categories of items. Check your plan for specific coverage details.
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