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This communication is not intended as legal or tax advice. Decide how much you want to contribute from each paycheck and that amount is automatically deposited into your account. Investments are not FDIC insured, are not bank issued or guaranteed by Optum Financial or its subsidiaries, including Optum Bank, and are subject to risk including fluctuations in value and the possible loss of the principal amount invested. Your employer sponsored plan may exclude reimbursement for certain categories of items. Health Savings Accounts (HSAs) are tax-advantaged medical savings accounts available to United States taxpayers who are enrolled in a High Deductible Health Plan (HDHP). Note: there is no charge for online statement delivery. * Additional shipping restrictions may apply. hb```b``c`e` @16@#D1k6nv67sOKdhj>k&W-w8ScQN` 1D_eb'4Df4?=4# 0 endstream endobj 256 0 obj <>/Filter/FlateDecode/Index[9 214]/Length 30/Size 223/Type/XRef/W[1 1 1]>>stream Because the employer funds the plan, any distributions are considered tax deductible (to the employer). $2.50 per ATM transaction. 0000037742 00000 n Check your plan document and summary plan description or contact your benefits department for specific coverage details. Sign in to your account to set up reoccurring contributions to ensure you're contributing the maximum allowed by the IRS each year. The bank at which your HSA is kept doesn't really care whether you comply with the tax laws. Use the Optum Bank debit Mastercard to: Online bill payment Learn more. 0000043472 00000 n Click to reveal Discretionary advisory services are provided by Betterment LLC, an SEC-registered investment adviser, with associated brokerage transactions provided by Betterment Securities, Member FINRA/SIPC. If I change health plans or change employers, can I still contribute to my HSA? For more information on your plan, contact your HR department. create a Member Website username and password. Are you taking full advantage of all of your HSA's tax benefits by contributing the maximum each year? View the standard investment options available. Please contact your plan administrator with questions about enrollment or plan restrictions. Your HSA Bank Health Benefits Debit Card provides access to your HSA funds at point-of-sale with signature or PIN and at ATMs for withdrawals. 0000011673 00000 n Health savings accounts (HSAs) and Medicare Advantage Medical Savings Accounts (MSAs) are individual accounts offered or administered through Optum Bank, Member FDIC, a subsidiary of Optum Financial, Inc. Optum Financial, Inc. is not a bank or an FDIC insured institution. This makes funding your HSA a great way to save for retirement. For details and disclosures, visit schwab.com. (Note: there is no daily limit to pay a provider.). To start saving with an HSA, you must first enroll in a qualifying high-deductible health plan (HDHP) and open an HSA with Optum Financial. To order additional cards for your spouse and eligible dependents. Each year, the Internal Revenue Service (IRS) sets contribution limits for health savings accounts (HSAs). *Assuming 25% tax bracket and 5% state tax rate in a tax-exempt HSA state. An individual with coverage under a qualifying high-deductible health plan (deductible not less than $1,400) can contribute up to $3,600 up $50 from 2020 for the year to their HSA. In addition to the Optum Bank ATM fee, the bank/ATM you use to withdraw funds may charge you a fee. You will not lose any unspent money in your account. DPL-Footer Legal And Social Bar Component, Medicare Advantage Medical Savings Accounts (MSAs). Investments are not FDIC insured, are not bank issued or guaranteed by Optum Financial or its subsidiaries, including Optum Bank, and are subject to risk including fluctuations in value and the possible loss of the principal amount invested. 2022 limits: An individual can contribute up to $3,650 (increase of $50 from 2021) for the year. HSAs are subject to eligibility requirements and restrictions on deposits and withdrawals to avoid IRS penalties. For details and disclosures visitbetterment.com. Use our qualified medical expense tool to filter by account type and expense type to see if it qualifies. Unlike a 401(k), when you use HSA funds for qualified medical expenses, its always 100% income tax-free. Self-directed mutual fund investment options are made available through the services of an independent investment advisor, or your plan sponsor. Without a registered account, you won't be able to log in to the app. This communication is not intended as legal or tax advice. If you are 55 or older, you can contribute an additional $1,000 each year. 0000033447 00000 n As you're planning for the future, your HSA can ease your mind and prepare you for retirement by saving money income tax free. For details and disclosures, visit tdameritrade.com. The maximum out-of-pocket is capped at $7,500. Common eligible expenses include dental treatment, orthodontia, prescription drugs, diagnostic services, hospital services and surgery, laboratory fees, obstetrical expenses, chiropractic care, physical therapy, eye examinations, glasses, contact lenses, laser eye surgery, hearing aids, smoking cessation programs, and weight loss programs to treat obesity, to name a few. You can sign in to your account to set up one-time or recurring deposits. Please contact your plan administrator with questions about enrollment or plan restrictions. The IRS has a list of approved healthcare expenditures. HSAs are subject to eligibility requirements and restrictions on deposits and withdrawals to avoid IRS penalties. We encourage you to read and evaluate the privacy and security policies of the site you are entering, which may be different than those of HSA Bank. Neither Optum Financial, Inc. nor ConnectYourCare, LLC is a bank or an FDIC insured institution. Health savings accounts (HSAs) and Medicare Advantage Medical Savings Accounts (MSAs) are individual accounts offered or administered through Optum Bank, Member FDIC, a subsidiary of Optum Financial, Inc. Optum Financial, Inc. is not a bank or an FDIC insured institution. g:(AW+ %PDF-1.7 % Are there any fees associated with the Fidelity debit cards? $20 charge to transfer your HSA to another bank or custodian (outbound transfer of your entire HSA or a portion). NOTE: your transactions are limited to your available cash balance. 0000005618 00000 n 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. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. The maximum out-of-pocket is capped at $7,050. Save time by combining your HSAs into a single account with Optum Bank. For details and disclosures, visit schwab.com. Flexible spending accounts (FSAs), dependent care assistance programs (DCAPs), health reimbursement arrangements (HRAs), Commuter and Parking Benefits, Tuition Assistance Plans, Adoption Assistance Plans, Surrogacy Assistance Plans, Wellness Benefits, and Lifestyle Accounts (collectively, Employer-Sponsored Plans) are administered on behalf of your plan sponsor by Optum Financial, Inc. ("Optum Financial") and are subject to eligibility and restrictions. Top (800) 357-6246 | (414) 978-5294 Your HSA will be administered by Optum BankSM. *) *There is a $2.50 ATM withdrawal fee. Neither Optum Financial, Inc. nor ConnectYourCare, LLC is a bank or an FDIC insured institution. State taxes may apply. Reimbursement As you're planning for the future, your HSA can ease your mind and prepare you for retirement by saving money income tax-free. Limited purpose flexible spending account. Discretionary advisory services are provided by Betterment LLC, an SEC-registered investment adviser, with associated brokerage transactions provided by Betterment Securities, Member FINRA/SIPC. Apple and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. There is a daily transfer limit of $2,500 to safeguard against fraudulent activity. Check your plan document and summary plan description or contact your benefits department for specific coverage details. 0000001807 00000 n Self-directed mutual fund investment options are made available through the services of an independent investment advisor, or your plan sponsor. 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. Be sure to take full advantage of your HSA tax benefits. 0000004088 00000 n For a $100 pair of eyeglasses, you could pay the $100 out of pocket or you could pay with your HSA. Are you taking full advantage of all your HSA's tax benefits by contributing the maximum each year? What are the differences between Healthcare FSAs, Limited Purpose FSAs, and Dependent Care FSAs? a department or grocery store). For even more convenience, just add your card to your phone or watchs digital wallet!