What to Expect as a New Account Holder
Overview: Intended for employers to notify employees of what to expect if they have enrolled in the HSA and the time frame for receiving the Optum Bank welcome kit. [If Employer does not make contributions, please take out references to employer sponsored contributions.]
You have enrolled in a HSA…now what?
Congratulations on your decision to enroll in a health care plan with a health savings account (HSA)! These special bank accounts can help you save and pay for certain health care expenses, while also saving money on taxes. Keep in mind, you will also have employer-sponsored contributions deposited to your HSA account.
An Optum Bank Welcome Kit will be mailed to you within 7 to 10 business days from the date the enrollment materials are received by the bank. The welcome kit will be mailed separately from your health plan materials. Please read this information carefully. It’s your first step in making the most of your HSA. Remember, you may have enrolled in your health plan several weeks prior to receipt of your Optum Bank welcome kit.
You will receive a HSA Debit MasterCard® to access your account
Your Optum Bank Health Savings Account Debit MasterCard® should arrive in a separate mailing a few days after your welcome kit. You can activate the card using the included toll-free number. Once [company contributions or your own] deposited funds are available in your account, you can use this card immediately. You can use it at your doctor’s office, pharmacy, or anywhere else you make health care payments or purchases.
Manage Your Account at OptumBank.com
You can access your account information by logging into OptumBank.com. You can:
· check your balance,
· pay bills,
· reimburse yourself for expenses paid out of pocket,
· set up electronic contributions; and
· perform other banking transactions.
If this is your first time checking your bank account information, you will be prompted to set up a password and answer security questions.
What you should know when contributing to your HSA
You can make contributions to your HSA as frequently as you wish, provided that your total contribution does not exceed the limits specified by the Internal Revenue Service. In 2014, the maximum contribution for an individual is $3,300 and $6,550 for a family. In 2015, these amounts increase to $3,350 and $6,650. Keep in mind that all contributions, including those from your employer, go toward your total.
In addition to the standard HSA annual contribution limits, account holders age 55 and older can make catch-up contributions of $1,000 each year.
Setting up payroll contributions is convenient and easy and saves you money
Make your contributions convenient by setting up a payroll deduction. Maximize your tax advantages by using this option – payroll deduction uses pre-tax dollars to make contributions.
To set up payroll deduction, go to [company to insert link to benefit site for updating or changing payroll contribution] or call [insert phone] for assistance. Most payroll deductions can be started, changed or stopped at any time; check with your benefits department or administrator for specific details. Additionally, you may always send funds directly to Optum Bank using Make a Deposit or via check by completing and mailing an HSA contribution/deposit form.
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Health savings accounts (HSAs) are individual accounts offered by Optum BankSM, Member FDIC, and are subject to eligibility and restrictions, including but not limited to restrictions on distributions for qualified medical expenses set forth in section 213(d) of the Internal Revenue Code. State taxes map apply. This communication is not intended as legal or tax advice. Please contact a competent legal or tax professional for personal advice on eligibility, tax treatment, and restrictions. Federal and state laws and regulations are subject to change.
FSEDU0232Cv02NV Rev. 7/14