HEALTH SAVINGS ACCOUNT
Optum Phone: 866.234.8913
If you are enrolled in one of the HSA medical plans you have access to the Health Savings Account (HSA) Administered by Optum. An HSA is like a 401(k) plan but for healthcare. It is a tax-advantaged personal savings or investment account that individuals can use to save and pay for qualified healthcare expenses, now or in the future. Paired with a qualified consumer driven health plan (CDHP), an HSA is a powerful financial tool that empowers consumers to be more actively involved in their healthcare decisions.
However, unlike other financial savings vehicles (Roth IRA, Traditional IRA, 401K, etc.), an HSA has the unique potential to offer triple tax savings through:
- Federal & State Tax-deductible contributions to the HSA.
- Tax-free interest or investment earnings.
- Tax-free distributions when used for qualified healthcare expenses.
You and/or your employer can contribute to your Health Savings Account.
Once you’ve enrolled in an HSA medical plan, account holders should see that their account is opened within 3-5 business days.
Sometimes account applications may require additional documentation to open your account. Specifically a photo ID, address, and SSN verification. You will receive this notice via email if an email address was included on your application, otherwise Optum will send you a letter in the mail.
Once your account is active you may register for access at www.optumbank.com. Active accounts or those with a pending status may call with any questions at 866-234-8913 24 hours a day!
Resources
Recursos en Españoles
Understanding a Health Savings Account
Watch the video to learn about what an HSA is.
Do I lose my HSA eligibility at age 65?
No. You can open and contribute to an HSA at age 65 or later as long as you meet HSA eligibility requirements, which are:
- 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.
Employer Contributions to your HSA
If enrolled in the HSA plan, Myers will contribute funds to your HSA.
- Employees are responsible for maintaining their own limit
- The contributions above are based on a calendar year (January – December).
- Employer contributions are prorated and are loaded into your HSA either beginning in January, or at time of hire.
Employee Contributions to your HSA
The IRS sets annual maximums. These annual maximums include both employee and employer contributions:
| Coverage Type | Myers Contribution | Potential Employee Contribution | 2023 Annual Maximum Contribution |
| Individual | $500 | $0 – $3,650 | $4,150 |
| Family | $1,000 | $0 – $7,300 | $8,300 |
If 55+ years old, you may contribute an additional $1,000 per year.
