Show your HSA some love
Check out tips below to help ensure you’re up to speed on how to maximize your health savings account (HSA) so that it's there for you and your family when you need it.
At Optum Bank, we want to help you make the most of your HSA. A big part of that is understanding how to use it. An HSA is a great way to take charge of paying for your health care costs now and in the future. Understanding the benefits of maximizing your HSA is a simple step toward financial wellness.
1. Attend one of our live HSA webinars.
Are you ready to feel more confident about your financial future? Register for one of our live HSA webinars or watch one of our previous webinars on demand. Whether you’re new to having an HSA or you‘re ready to start investing a portion of your HSA dollars, our webinars will help you learn more about how to use your HSA to plan for the future and pay for qualified medical expenses today. The money you contribute to your HSA goes in on a pre-tax basis through payroll contributions, grows income tax-free and comes out income tax-free when you use it for qualified medical expenses. Click here to register for one of our webinars.
2. Take part in an Optum Bank Academy class.
If you’ve ever felt like HSAs are too complex, or like you just don’t “get it,” this is the answer for you. As an Optum Bank account holder, you have exclusive access to the Optum Bank Academy. The Academy serves up four different fun and engaging videos for HSA success. Pick the custom Optum Bank Academy course that fits your needs.
Ace your HSA:
- Course 1: HSA - Start Saving Now
- Course 2: Money Management: Using Your HSA to Take Control of Your Health Care Dollar
- Course 3: The Savvy [Health Care] Shopper: Strategies for Lowering the Cost of Care
- Course 4: Money in the Bank: Your HSA as an Investment Tool
Simply sign in to your Optum Bank account. Click on Optum Bank Academy. Select your courses. Watch and enjoy.
3. Check your HSA balance to see your contribution amount.
Take advantage of all of your HSA's tax benefits by contributing the maximum each year. Get income tax-free contributions and income tax-free withdrawals for qualified medical expenses. Plus, your money grows income tax-free. You might not know, but you’ll gain more in tax savings if you contribute the annual maximum amount to your health savings account. Sign in to your Optum Bank account today to review your current contribution. You can even make a one-time contribution if you haven’t hit this years maximum.
Annual contribution limits
2022 HSA contribution limits:
- An individual can contribute up to $3,650
- An individual with family coverage can contribute up to $7,300
2023 HSA contribution limits:
- An individual can contribute up to $3,850
- An individual with family coverage can contribute up to $7,750
You have until the tax filing deadline (typically April 15) to make contributions to your HSA for the previous year.
Don't forget: Eligible individuals, 55 or older, can contribute an additional catch-up contribution of $1,000 per year. If your spouse is also 55 or older, he or she may establish a separate HSA and make a “catch-up” contribution to that account.
You are responsible for monitoring the amount deposited into your HSA each calendar year. Keep in mind that if your employer contributes funds, those also count toward the maximum. If you exceed the maximum contribution limit, there is a penalty imposed by the IRS. Sign in to your account online to download the Excess Contribution and Deposit Correction Request Form to request an excess contribution refund or a correction to a contribution.
Sign in to check our contribution limit.
4. Try out our HSA calculator to see if you’re maximizing your savings.
Not quite sure what contributions you could be making? With our calculator you can assess what your maximum contribution limit is, estimate your tax savings and see how your health savings may grow over time. Best part? It only takes a few minutes to complete. Click here to try our HSA calculator today.
5. Give your money a chance to grow. Choose to invest your HSA dollars.
If you have over a designated balance, typically $2,100 in your HSA, you may choose to invest a portion of your dollars in mutual funds. It can be a great way to potentially grow your balance income tax free as you pay for eligible health care expenses — now and into retirement. When you set up your investment account, you'll choose how you want the funds to be allocated among the available mutual funds. Once your account is established, you can change your investment elections, transfer funds and rebalance your account. Click here to learn more about how to start investing your HSA dollars.
Choose from a wide variety of over 30 mutual funds, including life-stage funds. In addition to mutual funds, Optum Bank is excited to announce a new investment option: digitally managed investments with Betterment. Betterment combines low-cost, tax-efficient investment strategies with technology and personalized advice to empower you to achieve your financial goals. Click here to learn more about our investment options.
Three ways to contribute to your HSA
Look into employer payroll deductions
Some employers offer payroll deductions. You should check with your employer to see if payroll deduction contributions are available to you.
Set up reoccurring contributions
Sign in to your account to set up reoccurring contributions to ensure you're contributing the maximum amount each year.
Make a one-time contribution
Sign in to make a one-time contribution so you are ready to cover the unexpected.