Commonly asked questions
Contribution limits vary by year and coverage type. Use the calculator to find your ideal amount.
Excess contributions may be subject to penalties. The calculator helps you stay within IRS limits.
Balances vary, but older account holders tend to have higher savings due to investment growth.
Rates vary by provider. Optum Bank offers competitive interest and investment options.
Yes. The tool includes projections based on your investment preferences and time horizon.
The calculator breaks this down for you based on your annual goal and pay frequency.
HSA contributions generally stop when enrolling in Medicare. If you choose not to enroll in Medicare, you can contribute to your HSA as long as you meet the eligibility requirements. The overall tax benefits of an HSA, which include contributions, earnings and withdrawals, can be affected by future changes in federal tax rates.
Account holders who join an HSA eligible health plan on or before the first day of the last month of their tax year (December 1 for most taxpayers) may contribute up to the annual statutory maximum, plus any applicable catch-up contributions. However, if HDHP coverage is not maintained for the entire test period, all or a portion of contributions may be subject to taxes plus a penalty.
This HSA calculator is intended to be used as a reference tool only. Your actual maximum contribution, tax savings and future savings may vary depending on a number of factors (such as variations in other payroll taxes, income or medical expenses and changes in state or federal tax laws or regulations.) The content of this communication is not intended as legal or tax advice. Federal and state laws and regulations are subject to change.
Health savings accounts (HSAs) are individual accounts largely held at Optum Bank®, Member FDIC, and administered by Optum Financial, Inc. or ConnectYourCare, LLC, an IRS-Designated Non-Bank Custodian of HSAs, a subsidiary of Optum Financial, Inc. Neither Optum Financial, Inc. nor ConnectYourCare, LLC is a bank or an FDIC insured institution. HSAs are subject to eligibility requirements and restrictions on deposits and withdrawals to avoid IRS penalties. State and/or local taxes may still apply. Fees may reduce earnings on account. Refer to your HSA account agreement for details.
This communication is not intended as legal or tax advice. Federal and state laws and regulations are subject to change. Please contact a legal or tax professional for advice on eligibility, tax treatment, and restrictions. Please contact your plan administrator with questions about enrollment or plan restrictions.
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