Managing an HSA

A health savings account (HSA) puts you in charge of saving and paying for health care costs. You decide how much to contribute and how to use the funds. With this control and flexibility come a few things to keep in mind.

Commit to savings

Start a savings plan for your health. Open an HSA soon after your coverage with an HSA-qualified high-deductible health plan begins. Check to see if your employer offers payroll deduction. Or, arrange to make regular deposits yourself. Deposits may earn interest and earnings grow tax-free.

IRS reporting

It’s up to you to keep track of receipts, statements, etc., for expenses you pay from your HSA. You may be asked to verify for the IRS that you used the funds for qualified medical expenses or that your health plan is an HSA-eligible plan.
 Learn more from our HSA Tax Center   

Contribution limits

Contributing the total dollar amount allowed by law each year lets you get the most tax savings. Plan your contributions carefully, though, so that you don’t exceed the annual limit. You will be assessed standard tax rates plus a 6 percent penalty on the excess amount. Remember, employer or others’ contributions count toward the annual limit.
 See annual contribution limits

Beneficiary designation

Designate a beneficiary when you open your account. If you’re married, for example, you may want to designate your spouse as beneficiary so any funds in the account are available immediately for your spouse’s or any dependents' qualified medical expenses. Failure to designate a beneficiary means your HSA funds will become part of your estate.
 Log in to designate a beneficiary now  

Track your account

In case of errors or questions about your statement:

If you think your statement is wrong or if you have questions about information on the statement, please contact us as soon as possible. We must hear from you no later than 60 days after we provided you the FIRST statement on which the error or problem appeared.

Your inquiry needs to include:

  • Your name and account number.
  • The date and dollar amount of the transaction(s) in question.
  • A clear explanation of the error or the transaction you are unsure about and why you believe it is an error or why you need more information.

We will investigate your complaint and will correct any error promptly. If we take more than 10 business days to do this, we will credit your account for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation. Your statement inquiry can be mailed to Optum Bank.

Check your monthly statements to keep track of your spending and your balance.
 Log in to see account activity


OPEN AN HSA TODAY

If you have or choose a high-deductible health plan, make a health-wise investment by adding an HSA. Your employer may offer an HSA as part of your health and wellness benefits. Or, if you're eligible, you can open one on your own.
 Enroll now


ALREADY HAVE AN ACCOUNT?

If you're an Optum Bank HSA account holder, you can add a beneficiary, view monthly statements, and otherwise manage your account online using our secure website.
 Log in to manage your account


LOOKING FOR FORMS OR FEES?

Wondering what fees are associated with your HSA or need to access account maintenance forms?
 View HSA resources