Choose an HSA Bank:
Overview: (Enrollment or pre-enrollment article) Introduces Optum Bank and lists the benefits of selecting Optum Bank as the HSA custodian. Benefits include no account fees and the ability to make pre-tax payroll contributions. Employer will need to edit language on bank fees as appropriate.
What is a Health Savings Account? (HSA)
A health savings account (HSA) is a tax-advantaged bank account designed to help you plan, save and pay for certain health care expenses. You own your HSA which means you decide where to open your account. It is just like choosing a bank to hold your checking or savings accounts.
What are the advantages of having your HSA with Optum BankSM, Member FDIC?
1. Pre-tax payroll deductions
• With Optum Bank, you can make contributions to your HSA through convenient, per-paycheck payroll deductions. This is the only method of contributing “pre-tax” money to your HSA. Having funds deducted from your paycheck is easy to set up. It’s also easy to change contribution amounts.
• If you choose another bank, deposits will have to be after-tax contributions. You can do this by using the “Make a Deposit” feature online or by writing a check in the amount you choose.
2. No account setup or monthly maintenance fees
• With an Optum Bank HSA, your company will cover certain account fees, which may include the HSA setup fee and monthly account maintenance fees.
• If you choose a bank other than Optum Bank, the Terms and Conditions of your account may be different. Your company may not pay any setup fee or reimburse you for monthly maintenance fees.
3. A subscription to Health Savings News
• You will receive this bimonthly newsletter with information and suggestions for helping account holders plan, save and pay for health care.
4. Health Savings Checkup
• With your HSA, you will have access to the Health Savings Checkup. This is a tool that provides you with a personalized estimate of your future health care costs.
• All you need to do is answer a few simple questions about yourself, your retirement goals, your health and your finances. You will then get a picture what your health care costs could look like in retirement. Optum will then provide you with an action plan to help you get and stay on course.
• You’ll also gain access to a Health Wealth Coach to help implement your plan.
Follow these easy steps to open your Optum Bank HSA
1. Click here to open an Optum Bank HSA.
2. Follow the instructions to enter in your personal information.
3. Fill in your [Insert Employer Name] Group ID Subscriber Member Identification. This is a 6-digit number that can be found on your medical insurance card.
4. Fill in your effective date which you can find on your card as well.
5. Answer the remaining questions regarding the account and agree to the Terms and Conditions.
Have questions? We’re here to help.
An Optum Bank welcome kit will be mailed to you within 10 business days of opening your account. Our Customer Service professionals are available at 1-866-234-8913, Monday through Friday, from 8:00 a.m. to 8:00 p.m. eastern time.
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Health savings accounts (HSAs) are individual accounts offered by Optum BankSM, Member FDIC, and are subject to eligibility and restrictions, including but not limited to restrictions on distributions for qualified medical expenses set forth in section 213(d) of the Internal Revenue Code. State taxes may apply. 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. Federal and state laws and regulations are subject to change
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