Open an HSA

There is no "use it or lose it" rule
You get to keep the money in your HSA, no matter what, even if you change jobs or move off a qualifying high-deductible health plan. When you, your employer or anyone else makes a contribution to your HSA, it stays there so you can use it when you need it. Plus, any money you keep in your account may earn interest. And once your HSA reaches a certain designated balance, you may choose to invest a portion of your HSA dollars in mutual funds to grow your balance.

It's a family affair
You can use your HSA to pay for the qualified medical expenses of anyone you claim on your taxes, even if you're only enrolled with single coverage. This is a great way to plan for unexpected medical expenses, from your deductible to an ER visit, for the whole family.

Invest your HSA dollars
Put your HSA dollars to work by investing them to help grow your balance over time. Unlike a 401(k), when you use HSA funds for qualified medical expenses it’s always 100% income tax-free.* Learn more about our investment options.

You may not be ready to retire, but chances are you’re already planning for it.
An HSA is a great tool to help you prepare for future health care costs and retirement. After turning 65, you can use your HSA funds for non-qualified expenses. You’ll pay ordinary income tax on those funds, but the 20% tax penalty no longer applies. As you're planning for the future, your HSA can ease your mind and prepare you for retirement by saving money income tax-free.*

Optum Bank HSAs are FDIC-insured bank accounts that you can use to pay for qualified health expenses for yourself and your covered dependents tax free. To be an eligible individual and qualify for an HSA, you must meet the following requirements, as defined by the IRS:

• You cannot be claimed as a dependent on someone else's tax return.
• You must be covered under a high-deductible health plan (HDHP) on the first day of the month.
• You are not enrolled in Medicare or other health coverage except what is permitted by the IRS.

Other restrictions and exceptions may also apply:

• You are not enrolled in Medicare, TRICARE or TRICARE for Life.
• You haven’t received Veterans Affairs (VA) benefits within the past 3 months, except for preventive care. If you have a disability rating from the VA, this exclusion doesn’t apply.
• You do not have a health care flexible spending account (FSA) or health reimbursement account (HRA). Alternative plan designs, such as a limited-purpose FSA or HRA, might be permitted.

We recommend that you consult a tax, legal or financial advisor to discuss your personal circumstances.