Make sense of open enrollment.

Date Posted : October 1, 2017

It’s open enrollment time. That means you’ve got decisions to make. Optum Bank is here to help make it easy. Learn more about what you need to know to open an HSA.

Are you enrolled in a high-deductible health plan?
In order to open and contribute to a health savings account (HSA), you must have an IRS qualifying high-deductible health plan.

Your HSA is designed to work with a high-deductible health plan to protect you and your family against unexpected health care costs. Also, premiums for high-deductible health plans are often lower than premiums for other types of non-high deductible health plans. Here’s a tip: Many HSA account holders choose to put their premium savings directly into their HSAs to save for the future.

If you’ve been enrolled in a high-deductible health plan in the past, re-enroll to optimize your HSA. You may qualify to invest a portion of your HSA in mutual funds. Learn how choosing to invest may benefit you. You can make your money work even harder, as an owner of an Optum Bank HSA; you can invest in a portfolio of mutual funds.

Why Optum Bank
For more than 25 years, Optum has led the way in health account administration. More than simply providing an account, Optum focuses on the connection between health care and financial services to help you grow from an account holder to a long-term health saver. We believe that when you have money to cover health care costs, you’ll be positioned to make better decisions and be healthier.

Health savings accounts from Optum Bank®, Member FDIC, include engaging and informative account tools and information — from pre-enrollment through enrollment and post-enrollment — to help you learn how your health and wealth are interconnected.

Open your HSA
Use this list to make sure you’ve taken all the first steps to open and fund your HSA.

  • Register your account to access online banking. Add your personal banking information to deposit funds into your HSA or to get distributions out of your HSA.
  • Designate a beneficiary for your account. Log into your account and choose “Manage Beneficiaries” in the “I want to” section to do this.
  • Sign up for payroll deduction into your HSA, if this is an option provided by your employer.
  • Start saving so you can pay for, or be reimbursed for, qualified medical expenses.
  • Review your account fee schedule and privacy notice included in your welcome kit.
  • Activate your Optum Bank health savings account Debit MasterCard®.
  • Become familiar with qualified medical expenses.
  • Review how to use optumbank.com to pay bills online or be reimbursed for qualified expenses paid out-of-pocket.

Are you ready to open your HSA? Click here to get started.