High Deductible Health Plan (HDHP) Only Health Savings Account (HSA)
ChoicePlus HDHP & Core HDHP Only
PROVIDER: Optum Bank
Contact Information:
www.optumbank.com
+ 1.866.234.8913
Seminar From Moneta, full Heath Savings Webinar:
register.gotowebinar.com/recording/1036568295868519937
- Medical investment account, similar to an IRA
- Employees can elect to set aside money for IRS-eligible health and dental expenses not covered by insurance
- Deductions are made pre-tax (when deposited through payroll)
- HSA utilizes a debit card linked to the employee’s account
- Employees who are enrolled in a High Deductible Health Plan
- Funds roll over from year to year
- You cannot combine an HSA with a medical FSA account
- Receipts must be maintained for IRS purposes
- Significant penalties apply for using funds for non-medical purposes
- ONLINE: www.optumbank.com
- MEMBER SERVICES: 1.866.234.8913
- Duke will provide initial funding based upon benefit election into an OptumBank Health Savings Account
- $500 Individual
- $1,000 Employee + Spouse
- $1,000 Employee + Child(ren)
- $1,500 Family
Seed Money is prorated based upon enrollment date.
| HDHP/HSA Seed Money Pro-Rating Schedule Effective 2021 Plan Year) | |
|---|---|
| Q1/Open Enrollment (Enrollments/changes by 3/31) | = 100% |
| Q2 (Enrollments/changes by 6/30) | = 75% |
| Q3 (Enrollments/changes by 9/30) | = 50% |
| Q4 (Enrollments/changes 10/1 or after) | = 25% |
- The Employee can contribute a pre-tax elected amount
- 2024 Employer + Employee contribution limits:
- Individual $4,150
- Family $8,300
- 2024 Employer + Employee contribution limits:
Special note: If you do not already have an account with OptumBank you will need to reach out to them. You will need our group number which is: 76-411376
- An HSA is like no other savings account. Learn More: www.optumbank.com Have a high-deductible health plan? A health savings account (HSA) is designed to help you save and pay for qualified medical expenses. The money goes in tax-free, grows income tax-free and comes out income tax-free when you use it for qualified medical expenses.
- Save money and save on taxes? Yes, please.
- There is no “use it or lose it” rule
- Your contribution amount can be changed at any time.
- It’s a family affair. Funds can be used for anyone you claim on your taxes.
- Invest your HSA dollars
- Update questionnaire after 2023 is completed
- You may not be ready to retire, but chances are you’re already planning for it. Use HSA to prepare for medical expenses in retirement.
- Help me calculate my benefit.
- Maximum Yearly Contribution, HSA Tax savings, Future Value of your HAS
- HSA investment options
- Qualifying Medical Expenses
- Health Saving Checkup Tool:
