1. Optum Bank Account Overview
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[Presenter’s Note: Please review this document and update particular sections. In addition, you may find it’s easier to read the notes if you go to File/Send To/Microsoft Word, and choose “Notes on the bottom.”
Welcome.
Thank you for taking time out of your day to review how you can use your health savings account, or HSA, to help pay for your current qualified medical expenses and save for future health care expenses while saving on taxes.
My name is [XXXXXXXXXXX] and I represent Optum Bank. We are a financial services company dedicated exclusively to health care. We’re part of Optum, one of the nation’s largest health and wellness companies that serves 60 million individuals. OptumHealth Financial Service also administers flexible spending accounts, or FSAs, health reimbursement accounts and transportation accounts. Our subsidiary, Optum Bank, offers the Health Savings Accounts (HSAs).
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Customer logo here

2. #1 Optum Bank, Member FDIC 145,000
Optum Bank® is a national leader in health care banking and a member of the FDIC.
All deposits are insured up to $250,000.
Optum Bank is the largest provider of HSAs in the United States.
Optum Bank has multiple layers of cyber fraud protection to protect accounts.
Optum Bank offers multiple convenient ways to access your account:
Live support on the phone
Optum Bank® Mobile App, the industry’s #1 rated mobile app
On-demand access online at optumbank.com
Support for mobile wallets like Apple Pay, Google Pay, Alexa, and Google Home
Optum Bank, Member FDIC, is a subsidiary of Optum. Deposits are insured by the FDIC up to $250,000. Additionally, Optum Bank protects your account with multiple layers of cyber fraud protection to give you peace of mind.
Optum Bank differs from other banks in that we focus exclusively on health care banking. We are the largest provider of HSAs in the United States and have more than 145,000 people making the health care system work better for everyone.
You have many convenient ways to access your account, including:
Live phone support.
On-demand access at optumbank.com.
The Optum Bank app—the industry’s #1 rated app.
And, your HSA is conveniently linked to Optum Bank through myuhc.com® so you can access your health plan and HSA all in one place.
As a digital, analytics and technology leader, Optum Bank can easily connect to your Google Home or Alexa-enabled device, in addition to supporting mobile wallets such as Apple Pay and Google Pay.
145,000
Optum’s parent company, UnitedHealth Group is ranked #6 on the Fortune 500.
Optum® has more than 145,000 people collaborating to make the health system work better for everyone.
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3. What is an HSA?
Health savings accounts (HSAs) are individually owned savings accounts that offer a tax-advantaged way to save and pay for qualified medical expenses.
Requires a qualifying high-deductible health plan (HDHP).
Annual contribution limits are set by the IRS.
Funded by you, your employer or others.
So, what exactly is a health savings account?
An HSA is a special type of bank account designed to help you save and pay for qualified medical expenses. In simple terms, it’s like an IRA for your health. But with an HSA, you don't have to wait for retirement to spend the money. You can use it this year, next year, or years from now.
An HSA works like this:
First you open an account and deposit money into it –income tax-free. The funds in the HSA belong to you, and that’s true whether you have contributed money or your employer did. You own the account from the day you open it. There’s no “use it or lose it” rule like there is with flexible spending accounts or FSAs. The account is with you as long as you want it to be – even if you change jobs, lose your job, or choose a different health plan.
You save on taxes. The money you put into an HSA is tax-deductible. You don’t pay federal income tax on HSA contributions, or state taxes in most states. And, any money you take out to pay for qualified medical expenses is income tax-free, too. You can use your HSA to pay for qualified health care expenses for you and your family, now or in the future.
Additionally, your account can grow with tax-free interest earnings. When your account balance reaches a designated amount (typically $2,000) you may choose to invest a portion of your money in mutual funds. Be aware, though, that while deposits are insured by the FDIC up to $250,000, investments are not FDIC insured, are not guaranteed by Optum Bank, and may lose value.
Balances can be carried over from year to year, and even if you change jobs, your HSA is yours to manage and use. You may choose to invest a portion of your HSA once you receive a designated balance.
While deposits are insured by the FDIC, investments are not FDIC insured, are not guaranteed by the FDIC or Optum Bank®, and may lose value.
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4. What you need to know about an HSA
Deposits are exempt from income tax.
Savings grow income tax-free.
Money spent on qualified medical expenses comes out of your HSA income tax-free.
If you are covered on COBRA or collecting unemployment, your HSA can be used to reimburse premiums income tax-free.
Examples of non-qualified expenses:
Cosmetic surgery
Electrolysis or hair removal
Teeth whitening
Over-the-counter medicines for which you do not have a doctor's prescription
With an HSA, you’re in charge. And being in charge comes with some responsibility.
There’s no “claim” process like there is for HRAs and FSAs. You pay for qualified expenses directly from the account and are responsible for verifying the expense if the IRS requests it.
You’re responsible for administering how funds are used.
You decide when and how much to contribute.
You decide when you want to use your savings to pay for a qualified medical expense or to save your entire contribution so that it is available for you to use in the future.
You decide whether or not to invest some of your savings in mutual funds to increase potential long-term growth.
You also need to be aware of the annual contribution limits set by the IRS. The IRS dictates how much you can contribute to your HSA each year. I’ll review these limits shortly.
You also need to understand how to make deposits to your account and how to use your account to pay for qualified medical expenses. You can make a deposit to your account at any time, as long as you don’t exceed the annual limit. 100% of your contributions are available within a few days of depositing them.
Finally, you need to understand the tax advantages of an HSA. As I mentioned earlier, all contributions are tax deductible. You don’t pay federal income tax, and in most cases, state income tax on any HSA contributions. And, if you make your contributions through payroll deductions, you don’t pay FICA taxes either. This also allows you to reduce your taxable income. Your savings will grow tax-free and any interest earnings are not taxed. Also, withdrawals from an HSA are not subject to income tax as long as the funds are used for qualified medical expenses according to IRS guidelines. However, if you use your HSA to pay for non-qualified expenses, you will be taxed and assessed a penalty.
Paying for non-qualified expenses
Taxable as income
Subject to a 20% tax penalty*
*The 20% tax penalty does not apply to account holders age 65 and older, those who become disabled or enroll in Medicare
Now let’s talk about who is eligible to open and contribute to an HSA.
Use the QME Tool on optumbank.com to see if your specific expense qualifies for reimbursement.
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5. Additional contribution amount of contribution
Contribution limits
Contribution rules
Individual coverage
Family coverage
2019
$7,000
$ 3,500
Those 55 years of age or older, but not yet enrolled in Medicare, can fund an additional $1,000/year “catch-up” contribution.
Spouses can make a separate $1,000 catch-up contribution to an account in their own name.
Additional contribution
The IRS determines how much you can deposit into your HSA each year, and limits are determined on a calendar/tax-year basis.
amount of contribution
2020
$ 3,550
$7,100
As I mentioned earlier, the IRS determines the maximum amount you can contribute to an HSA every year.
In 2019, you can contribute up to $3,500 for individual coverage and $7,000 for family coverage. In 2020, the contribution limits go up to $3,550 for individual coverage and $7,100 for family coverage. The IRS allows people nearing retirement age to make additional “catch-up” contributions to help build balances to be used to help pay for health care costs during retirement.
You can contribute an additional $1,000 a year if you are 55 years or older.
If both you and your spouse are 55 or older, you can both contribute an additional $1,000. Your spouse will need to open his/her own HSA to make his/her own HSA catch-up contribution.
You are not eligible to make “catch-up” contributions if you are receiving Medicare benefits.
You can learn more about contribution limits and making catch-up contributions by going to optumbank.com or irs.gov.
IRS rules state that contribution limits must generally be prorated by the number of months you are eligible to contribute to an HSA. Your eligibility is based on your coverage status on the first day of the month.
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6. Determining eligibility
Irs requirements
You must be covered under a qualifying high-deductible health plan (HDHP) on the first day of the month.
You have no other health coverage except what is permitted by the IRS.
You are not enrolled in Medicare, TRICARE or TRICARE for Life.
You haven’t received Veterans Affairs (VA) benefits within the past three months, except for preventive care. If you have a disability rating from the VA, this exclusion doesn’t apply.
You can’t be claimed as a dependent on someone else’s tax return.
You do not have a health care flexible spending account (FSA) or health reimbursement account (HRA). Alternative plan designs, such as a limited-purpose FSA or HRA, might be permitted.
Other restrictions and exceptions may also apply. We recommend that you consult a tax, legal or financial advisor to discuss your personal circumstances.
To be eligible for an HSA, you must have a high-deductible health plan (HDHP) that meets IRS guidelines for the annual deductible and out-of-pocket limit.
In addition, you must:
Be covered under a qualifying HDHP on the first day of a given month.
Not be covered by any other health coverage except what is permitted (dental, vision, disability and some other types of additional coverage are allowed).
Not be enrolled in Medicare, TRICARE or TRICARE for Life.
Have not received Department of Veterans Affairs (VA) benefits within the past 3 months, except for preventive care. If you are a veteran with a disability rating from the VA, this exclusion does not apply.
Not be claimed as a dependent on someone else’s tax return.
Not have a health care flexible spending account (FSA) or health reimbursement account (HRA). Alternative plan designs, such as a limited-purpose FSA or HRA, might be permitted.
Other restrictions and exceptions also apply. Consult a tax, legal or financial advisor to discuss your personal circumstances.
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7. Getting Started
Choose the HSA option during open enrollment and complete the application provided by your employer. Or visit optumbank.com and click enroll now to open an HSA.
You will receive your HSA welcome kit and Optum Bank debit Mastercard® shortly after opening your HSA.
Activate your account online at optumbank.com.
To get started with an HSA, choose the HSA option during open enrollment and complete the application provided by your employer. Or visit optumbank.com and click enroll now to open an HSA.
You will receive a welcome kit and your Optum Bank debit Mastercard® in the mail shortly after opening your HSA.
Be sure to activate your account online and download the app to make managing your HSA easy and convenient.
Download the Optum Bank app to conveniently manage your HSA.
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8. Making the most of your HSA
Set a plan and get your employer match (if applicable).
Build balances to cover your deductible.
Use HSA funds to pay for qualified medical expenses.
Maximize tax savings opportunities.
Save for the future and grow funds income tax- free.
With a qualifying high‐deductible health plan, it’s important to save money in your HSA so you’ll have money when you need it to pay for qualified medical expenses, including your deductible.
Here’s how to make the most out of your HSA:
The easiest way to fund your account is by having an amount deducted regularly from your paycheck. Keep in mind that all contributions, even those from your employer, count towards the IRS maximum annual contribution limit.
When it comes to using your HSA, make sure to understand the list of qualified medical expenses. This list can be found at optumbank.com or irs.gov. You can use your HSA dollars for a wide variety of expenses, including your health plan deductible, prescription medications, doctors’ office visits, dental and vision care, and more. In addition to using your HSA dollars for your own qualified medical expenses, you can also use them to pay for qualified medical expenses for your spouse or tax dependents.
The next thing you’ll want to do is maximize the tax savings that comes with an HSA. Know the IRS contribution limits and take advantage of contributing the most that you can. Remember:
The money you contribute is income tax-free.
Your savings grow income tax-free.
And, money you take out to pay for qualified medical expenses is income tax-free.
The final step when owning an HSA is to grow your savings. It’s important to start early, make regular deposits and set a goal for each year. Not only will your deposits grow, but your tax savings will, too. Choosing to invest a portion of your HSA dollars in mutual funds may help to grow your nest egg even more.
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9. HRA and health care FSA HRA FSA Pay directly
An account that is connected to your health plan. The HRA helps pay for eligible health care expenses, including those that may apply to your annual deductible.
Optum automatically pays the claim from the HRA first, as long as money is available in the account.
An account that helps pay for eligible health care expenses, including those that may apply to your annual deductible.
Also helps pay for eligible health care expenses that may not be paid by the HRA or the plan, such as pharmacy, vision and dental.
If there are not enough HRA dollars in the account to cover the cost of the claim, the remaining balance is automatically paid from your FSA account.
If all the HRA and FSA dollars have been spent, the doctor will bill you directly. When you receive the bill, you can pay the bill with cash or a credit/debit card.
Learn more by visiting:
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10. What is a health reimbursement account?
Your employer
Provides an HRA as part of your benefits package to help offset employees health care costs for eligible expenses
Determines the annual contribution amount
Determines when funds are available
Determines if funds roll over from year to year
Sets aside money and funds your HRA
employees
Are responsible for understanding what expenses qualify for reimbursement and keeping track of those expenses
Pay for eligible expenses using their Optum Bank debit Mastercard®
-or-
Pay for eligible expenses with their own personal funds and submit a claim on optumbank.com, by mail, or by fax (find the form on optumbank.com). Along with the claim, send a receipt that shows:
The name of the doctor or other service provider, pharmacy or store
The date of service or purchase
A description of the service(s) or item(s) purchased
The amount charged (or what you are responsible for paying)
HRAs are a way for employers to help offset their employees’ State qualified medical expenses costs for eligible expenses and gain tax advantages.
How does an HRA work?
Your employer sets aside money for your HRA. This is a company benefit; nothing is withheld from your pay to fund the HRA. You can use your HRA to pay or be reimbursed for eligible health care out-of-pocket expenses that are not covered by insurance or another benefit.
Only an employer can fund an HRA. You cannot add to the account. Your employer determines the annual contribution amount and when the funds will be available to you for reimbursements.
If your employer offers HRA rollover, your employer will credit your HRA in the next plan year with any funds you don’t use in this plan year.
Submitting claims and getting reimbursed:
You can use your Optum Bank debit Mastercard® to pay for eligible health care expenses.
You can also pay for eligible health care expenses with a personal credit card or check. Then submit a claim on our website, by , mail or by fax (find the form on our website.) Along with the claim, send a receipt that shows:
The name of the doctor or other service provider, pharmacy or store
The date of service or purchase
A description of the service(s) or item(s) purchased
The amount charged (or what you are responsible for paying)
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11. 3 FSA types
A health care, limited-purpose or dependent care FSA helps you budget for expenses you’ll have this year while reducing taxable income.
Tax savings: Your taxable income is reduced by the amounts you deposit into your FSA accounts, up to IRS limits.
Health care
Limited purpose
Dependent care
Use your health care FSA money to pay for state eligible expenses.
A tax-advantaged account offered alongside an HSA, so employees can pay for dental and vision expenses with pre-tax dollars without having to dip into the HSA.
Use your limited-expense FSA money to pay for qualified medical expenses.
If you have children under 13 or adult dependents who aren’t capable of caring for themselves, you can use your dependent care FSA to pay for eligible daycare expenses.
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12. Transportation — Ordering model
Pay for qualified expenses
How it works
Public transit fares for buses, ferries and commuter rail
Vanpool fares
Parking expenses
Bicycle commuting expenses, if offered
Easy-to-use, self-service transportation ordering system:
Simply go to optumbank.com and log in as an account holder.
Click on the transportation services link.
Select the transit or parking services you want.
Place your order.
Set up an automatic order to make the same purchase every month.
Receive your order at home by mail.
Your benefits, your way
You decide how and where to spend your commuting dollars. Federal regulations currently let you set aside each month before income and payroll taxes, up to:
$265 for qualified transit expenses
$265 for qualified parking
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13. Transportation — Election model
Pay for qualified expenses
How it works
Public transit fares for buses, ferries and commuter rail
Vanpool fares
Parking expenses
Bicycle commuting expenses, if offered
Easy-to-use, self-service transportation ordering system:
Simply go to optumbank.com and log in as an account holder.
Click on the your transportation account.
Check your available balance.
Review history of prior purchases.
Submit a manual parking claim for reimbursement, if needed
Check the status of any manually submitted claims.
Your benefits, your way
You decide how and where to spend your commuting dollars. Federal regulations currently let you set aside each month before income and payroll taxes, up to:
$265 for qualified transit expenses
$265 for qualified parking
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14. HSA with limited-purpose FSA
Pairing an HSA with a limited-purpose FSA allows employees to maximize their savings by allowing them to tap into their limited FSA for costs associated with dental and vision while only using their HSA for qualified medical expenses.
Benefits of having an HSA with a limited- purpose FSA:
You plan on incurring eligible dental or vision expenses early in the plan year.
You want to save your HSA contributions for future medical expenses.
Your medical expenses are high enough that you will use the full HSA contribution limit to pay for your medical expenses each year.
You wish to use your HSA as a primary/additional retirement or investment account or to cover health-related costs in retirement.
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15. Get connected with Optum Bank
Optumbank.com is loaded with resources:
Optum Bank virtual assistant chat
Qualified medical expense search tool
Education resources such as videos and webinars
HSA Calculators
Health Savings Checkup tool
Tax center and more
Sign in to access your account
Mobile wallets:
As a technology leader, Optum Bank is the only HSA bank that is connecting health and finance in new and innovative ways.
optumbank.com has many tools and resources that make managing your HSA easy:
24/7 robo chat feature that answers your educational questions instantly
Qualified medical expense search tool
Education resources such as videos and webinars
HSA calculators
Health Savings Checkup tool
Tax center and more
You can also pay for HSA-qualified medical expenses using your smartphone through Apple Pay and Google Pay.
Pay for HSA qualified medical expenses using your phone through Apple Pay, Google Pay and Android Pay
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16. Get connected with Optum Bank
Optum Bank Mobile App: Manage your HSA, FSA or HRA anywhere:
Track your balance, recent transactions and contribution limits.
Make an HSA contribution through mobile check deposit or a bank transfer.
Capture and submit receipts, and add receipts to specific expenses.
Discover how to maximize your HSA by tracking your progress along five key stages and more.
Say “OK, Google” or “Hey, Alexa”: Enable Optum Bank to ask general account questions like “are bandages a qualified medical expense?” or “what are the HSA contribution limits?”
Great app
We have the highest-rated mobile app in the industry—4.5 out of 5 stars.
With the app, you can manage your HSA anywhere:
Track your balance, recent transactions and contribution limits.
Make an HSA contribution through mobile check deposit or a bank transfer.
Capture and submit receipts, and add receipts to specific expenses.
Discover how to maximize your HSA by tracking your progress along 5 key stages and more.
In addition, Optum Bank can easily connect to your Google Home or Alexa-enabled device. Download the Optum Bank skill and say “OK, Google” or “Hey, Alexa” and ask general account questions like, “Are bandages a qualified medical expense?” or “What are the HSA contribution limits?”
Nice, clean app
Optum Bank’s app is the most reviewed and highest rated financial health care app.*
*Optum Bank App. Apple App Store. Accessed May 1,
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17. Appendix
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18. Your HSA contributions
How to make a deposit
Yours to keep
Set up payroll deductions from every paycheck (if your employer offers this option).
Sign in to your account to set up one-time or recurring deposits.
Mail in a check.
Make a contribution with the Optum Bank Mobile App.
HSA funds roll over from year to year.
The money in your HSA is yours until you spend it, even if you retire or change jobs or health plans.
You can continue to grow your HSA and use it into retirement.
You may start contributing to your HSA once your qualifying high-deductible health plan becomes effective and your HSA is open.
The easiest way to fund your account, if your employer offers it, is by having an amount deducted regularly from your paycheck. This is referred to as a payroll deduction contribution.
You can also log in to your account and make a one-time deposit or recurring deposits from another bank account. Or, you can mail in a check with a deposit form. If you are on the go, you can always make a deposit using the Optum Bank app.
You can continue to make deposits into your HSA as long as you are covered by an HSA qualifying high-deductible health plan, regardless of whether you are an active employee, former employee continuing coverage through COBRA or an individual who purchases a medical plan.
The best part? Your HSA funds roll over from year to year and are always yours to keep, even if you change jobs, change health plans or retire.
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19. Paying with an HSA Paying with an HSA Reimbursement
Use the Optum Bank debit Mastercard® to:
Pay on the spot at a doctor’s office, pharmacy or other health care facility.
Pay a bill you receive from a doctor or other provider.
Use online bill pay.
Use our secure website to send payments directly to your health care providers, pharmacy or other payees.
Use the Optum Bank mobile app.
Use Apple Pay® or Google Pay®.
When you pay for qualified expenses out of pocket, you can log in and request an ACH or check disbursement.
If your HSA offers ATM access, you can use your Debit Mastercard at any ATM that displays the Mastercard acceptance mark to get cash to reimburse yourself.
(Note: You’ll need your PIN. There's a $300 per 24-hour limit on ATM withdrawals.*)
There are several ways to pay with your HSA.
First, you can use your Optum Bank debit Mastercard®. The debit card is one of the easiest ways to access your funds and can be used anywhere that accepts Mastercard. This includes qualified medical expenses at the dentist, chiropractor, orthodontist and pharmacy. If you need another debit card, you can request one by logging in to your account at optumbank.com.
Online bill payment is another option for paying with an HSA. After logging in to your account at optumbank.com, you can send payments directly to your health care providers, pharmacy or other payees. You can also set up recurring payments for expenses such as orthodontics through this online feature.
You can make a payment through the Optum Bank mobile app, or choose to use Apple Pay or Google Pay.
Another option is to pay for qualified medical expenses out of pocket and reimburse yourself at a later date. Reimbursements can be done by accessing your account online and requesting an ACH or check disbursement.
If your HSA offers ATM access, you can use your debit Mastercard at any ATM that accepts Mastercard to get cash to reimburse yourself. Keep in mind that ATM fees may apply.* Please note: You’ll need your PIN, and there’s a $300 per 24-hour period limit on ATM withdrawals.
* There is a $2.50 ATM withdrawal fee. Access fees may also be charged by the ATM owner.
*There is a $2.50 ATM withdrawal fee. Access fees may also be charged by the ATM owner.
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20. HSAs for 18 to 26 year olds
Dependent children can open their own HSA to start saving if they are:
Age 18 to 26.
Covered under their parents’ HSA-qualifying high-deductible health plan (HDHP).
NOT claimed as a dependent on a parent’s tax return.
Getting the most from their HSA:
They can contribute up to the annual maximum family limit.
They reap the income tax benefits of owning an HSA.
They can save up to pay for qualified medical expenses now or in the future.
Individuals who are 18 to 26 years old and covered under their parents’ HSA-qualifying high-deductible health plan may open their own HSA (as long as they’re not claimed as a dependent on a parent’s tax return).
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21. HSA cost savings example
Small contributions may lead to big savings on your taxes.
If you contribute just $50 per paycheck to your HSA, you could save over $400 in taxes.*
$100
Even
a month
$30
can help you save up to
comparable to a 30% discount.*
Your health savings account (HSA) is here to help you pay for qualified medical expenses—big or small. This includes anything from prescriptions to contact lenses. Better yet, even small contributions to your HSA may lead to big savings on your taxes.
If you can contribute just $50 per paycheck to your HSA, you could save over $400 a year in taxes.
Even if you contribute just $100 a month, your tax savings can be up to $30 a month—that’s like a 30% discount off qualified medical expenses!
Every little bit helps. You can save and grow these savings, or use them for the here and now.
You can grow these savings, or use them for the here and now.
Every little bit helps.
*Based on a 25%–35% combined payroll and income tax rate. For qualified medical expenses only. Results and amounts may vary depending on your particular circumstances.
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22. How much could you save? 1
In 2020, you deposit $3,000 into your HSA through payroll deductions.
Your federal and state income tax and FICA savings for the year are $1,235.* 2
You withdraw $2,000 to pay for qualified medical expenses.
You pay no income taxes on the $2,000 because it was used for qualified expenses. 3
You earn interest on your account.
You do not have to pay income taxes on your interest earnings.
By depositing $3,000 into your HSA, you might be surprised to learn that you’ll save $1,235 in taxes! Here’s how:
First, the money you put into your HSA is income tax-deductible. You deposit $3,000 through payroll deduction into your Optum Bank HSA and save $750 in federal income taxes. You also save $255 in state income taxes. And, because your employer offers payroll deduction, you save an additional $230 on FICA taxes. As a result, you’ll save a total of $1,235 on your 2020 annual income taxes.
You continue to save when you withdraw funds from your HSA to pay for qualified expenses. For example, if you withdraw $2,000 to pay for health care expenses for yourself and your family, you won’t have to pay income taxes on that money as long as the funds are used to pay for qualified medical expenses.
Even though you earn interest on your account, you live in a state where this interest is not taxable.
Finally, any amount that you don’t spend during the year will carry over for you to use in the future. In this hypothetical example, you would carry over approximately $1,000 HSA dollars into next year. 4
You carry over $1,000 HSA dollars into the next year.
This carryover option helps you save for the future.
*Assumes a 25% federal tax rate, 8.5% state tax rate and 7.65% FICA. Hypothetical example only.

23. FSA cost savings example
Estimating costs:
Many FSAs have a “use it or lose it” rule, meaning you can’t carry money from one year over to the next. Some FSAs allow a limited carryover rule.
Be sure to estimate your contributions carefully.
Even if you leave funds behind, however, there’s a good chance you’ll still come out ahead due to the tax savings. 
Here’s an example based on having $100 withdrawn from every paycheck and deposited into an FSA:
Federal income tax (25%)
$25.00
State income tax (5%)
$5.00
FICA (7.65%)
$7.65
Tax savings every paycheck
$37.65
Tax savings annually (26 pay periods)
$978.90
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24. HSA rollover Transferring funds Roll over existing HSA
If you have an HSA with another institution, you may want to consolidate your health care savings into one account. It’s simple to transfer or roll over HSA funds into an account at Optum Bank. Just follow these steps:
Transfer funds. Ask your existing HSA bank to transfer funds from your account with them to your new Optum Bank HSA.
Such a transfer is not considered a rollover, and there is no limit on the number of such transfers.
You do not include the amount transferred in your income for tax purposes, deduct it as a contribution or include it as a distribution from the account.
Roll over funds from an existing HSA to your Optum Bank HSA.
You must withdraw the money from your HSA and then roll over (deposit) the amount to your Optum Bank account within 60 days after the date you received the funds.
You can make only one rollover contribution to an HSA during a one-year period. Rollovers are not subject to the annual contribution limits.
Roll over your funds in two easy steps:
Log in to optumbank.com, and select “Roll over funds to your HSA” in the “Self Service” section.
Enter the account number of the HSA you wish to transfer and the amount you’d like to transfer.
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25. Investments are not FDIC-insured, are not guaranteed by Optum Bank and may lose value.
All Optum trademarks and logos are owned by Optum, Inc. All other brand or product names are trademarks or registered marks of their respective owners. Because we are continuously improving our products and services, Optum reserves the right to change specifications without prior notice. Optum is an equal opportunity employer.
Health savings accounts (HSAs) are individual accounts offered or administered by Optum Bank®, Member FDIC, and 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. Flexible spending accounts (FSAs) and health reimbursement accounts (HRAs) are administered by OptumHealth Financial Services and are subject to eligibility and restrictions.
Mutual fund investment options are made available through the services of an independent investment advisor. Shares are offered through Charles Schwab & Co., Inc., a registered broker-dealer. Orders are accepted to effect transactions in securities only as an accommodation to HSA owner. Optum Bank is not a broker-dealer or registered investment advisor, and does not provide investment advice or research concerning securities, make recommendations concerning securities, or otherwise solicit securities transactions.
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. Hypothetical examples are for illustrative purposes only. All events, personas and results are described herein are entirely fictitious and amounts will vary depending on your unique circumstances.
3/24/2020