Health Savings Account (HSA)
Health Savings Account Overview
Health Savings Account (HSA)
- Administered by Optum Bank.
- HSA is available for employees enrolled in the Choice Plus High Deductible Health Plan (HDHP).
- No monthly fee for the basic Optum Bank HSA. Fees apply when investment options are elected.
- HSA investment options are available when the basic account exceeds $2,000.
- Debit Card and Welcome Kit mailed from Optum Bank.
- No “use it or lose it” policy – account is owned and managed by you.
- IMPORTANT: Be sure to complete beneficiary information for your HSA.
- Must be enrolled in the Choice Plus Single or Family High Deductible Health Plan (HDHP).
- Cannot be covered by other insurance, including a non-High Deductible Health Plan.
- Cannot be enrolled in Medicare.
- Cannot be claimed as a dependent on another individual’s tax return.
- Cannot be enrolled and contributing to a full purpose Healthcare FSA, including a spouse’s full purpose FSA.
- $3,550 for single coverage.
- $7,100 for family coverage.
- $1,000 catch-up contribution if 55 or older. (Applies to primary account holder. If spouse is also 55 or older, the spouse must establish a HSA and make their catch-up contribution of $1,000 to that account.)
Eligible Expenses & Account Access
- You may use your HSA for qualified health-related expenses as allowed by the IRS, section 213(b).
- A full list of these expenses can be found on the IRS website (irs.gov).
- Unqualified distributions from your HSA are subject to income tax and 20% penalty.
- Important to remember–you cannot expense any claims incurred prior to the opening date of your HSA.
Note: A 20% penalty applies if HSA is not used for qualified expenses (waived at age 65)
Making Deposits and Account Access
- Brown & Brown pre-tax payroll deduction integration is only available with an established Optum Bank HSA. Changes to your deferral election can be made during the year on a monthly basis. Any changes made will be processed the first of the following month.
- Access and manage your HSA through a single log on to the UnitedHealthcare (UHC) site www.myuhc.com where you can view your account balance, set-up to transfer funds, pay bills, check deposits and withdrawals
HSA vs. Health FSA Overview
It is important to note that you may be disqualified from any tax advantages of a contribution to a Health Savings Account if you (or any of your covered eligible dependents) are enrolled in another health benefit plan while covered by a qualified HDHP with a HSA. Your participation in a healthcare flexible spending account (either through Brown & Brown or through your eligible dependent) is considered as another health plan. This notice is not meant to be considered legal or tax advice. Employees are required to follow all tax laws and are encouraged to consult with your tax professional if you have any questions or need assistance with your HSA and/or FSA enrollment.
Additional Information and Contact