HSA InformationA Health Savings Account (HSA) works with a high deductible health plan (HDHP), and lets you set aside a
portion of your paycheck—before taxes—into an account to help you pay for qualified medical expenses or that aren’t covered by your plan. It can also help you plan for future medical expenses. The Health Savings Account can only be contributed to if you elect the High Deductible Health Plan (HDHP) at open enrollment. Standard PPO participants cannot contribute to an Health Savings Account. How It WorksYou and your employer can deposit money into your HSA account up to an annual per person or family limit set
by the IRS. You can use money in your HSA account to pay for insurance deductibles and medical care/supplies like dentistry, ophthalmology, and prescription drugs. When you enroll, an account will be created for you at Optum Bank. You’ll be given access to a secure,easy-to- use web portal where you can track your account balance, view your investment accounts and submit requests for reimbursements. In addition, you’ll be issued a HSA Debit Card you can use at point-of-sale to pay for qualified medical expenses. You can request reimbursement distributions online for any purchases not made with your HSA Debit Card. Payment will be made based on your available funds. Distributions can be made payable to you or a provider. |
Health Savings Account
|
This web site is not a legal document. This web site is not a guarantee of coverage, eligibility, or provider status and is designed for informational illustration only. Benefits outlined on this web site are subject to change at any time. Please consult your benefit plan provider(s) or administrator(s) for legal documents regarding your plan and to check coverage and/or eligibility.