Benefits of opening 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 and save on taxes? Yes, please.
Keep Uncle Sam out of your pocketbook. The money you contribute to your HSA goes in, grows and comes out income-tax free when used for qualified medical expenses. You know you're going to need it — so why not save on taxes, too?
There is 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. When you, your employer or anyone else makes a contribution to your HSA, it stays there so you can use it when you need it. Plus, any money you keep in your account may earn interest and once your HSA reaches a certain designated balance, you may choose to invest a portion of your HSA dollars in mutual funds to grow you balance.
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. This is a great way to plan for unexpected medical expenses, from your deductible to an ER visit, for the whole family.
You may not be ready to retire, but chances are you’re already planning for it.
An HSA is a great tool to help you prepare for future health care costs and retirement. After turning 65 you can use your HSA funds for non-qualified expenses, like a boat or an exotic vacation. You’ll pay ordinary income tax on those funds, but the 20% tax penalty no longer applies. As you're planning for the future, your HSA can ease your mind and prepare you for retirement by saving money income tax-free.
Other restrictions and exceptions may also apply.
Ready to enroll?
What is an HSA?
Health savings accounts (HSAs)
On-demand webinar: Making the Most of Your HSA
Self-directed mutual fund investment options are made available through the services of an independent investment advisor, or your plan sponsor. Discretionary advisory services are provided by Betterment LLC, an SEC-registered investment adviser, with associated brokerage transactions provided by Betterment Securities, Member FINRA/SIPC. For details and disclosures visit betterment.com. The Schwab Health Savings Brokerage Account is offered to certain account holders through Charles Schwab & Co., Inc., Member FINRA/SIPC. For details and disclosures, visit schwab.com. Brokerage services are offered to certain accountholders through TD Ameritrade, Inc., Member FDIC/SIPC and a subsidiary of The Charles Schwab Corporation. For details and disclosures, visit tdameritrade.com.
Orders are accepted to effect transactions in securities only as an accommodation to HSA owners. Optum Financial and its subsidiaries are not broker-dealer or registered investment advisors and do not provide investment advice or research concerning securities, make recommendations concerning securities, or otherwise solicit securities transactions.
Health savings accounts (HSAs) are individual accounts offered through Optum Bank®, Member FDIC, or ConnectYourCare, LLC, an IRS-Designated Non-Bank Custodian of HSAs, each a subsidiary of Optum Financial, Inc. Neither Optum Financial, Inc. nor ConnectYourCare, LLC is a bank or an FDIC insured institution. HSAs are subject to eligibility requirements and restrictions on deposits and withdrawals to avoid IRS penalties. State taxes may apply. Fees may reduce earnings on account.
This communication is not intended as legal or tax advice. Federal and state laws and regulations are subject to change. Please contact a legal or tax professional for advice on eligibility, tax treatment, and restrictions. Please contact your plan administrator with questions about enrollment or plan restrictions.
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