HSA Basics
Administered by Optum Bank, a Health Savings Account (HSA) allows you to pay for qualified health care expensesEligible ExpensePurchases or services received that are allowed by the benefit provider and complies with IRS regulations. now or in the future. HSAs offer three tax benefits: Tax-free saving, growth and spending on qualified health care expensesEligible ExpensePurchases or services received that are allowed by the benefit provider and complies with IRS regulations. any time from today through your retirement.
You contribute to the savings plan through payroll deductions on a pre-tax basis. These contributionsContributionIn reference to Flexible Spending Accounts and Health Savings Accounts, it’s the amount of money that you elect to be deducted from your paycheck to be deposited into your FSA or HSA account. lower your taxable income, and when you spend the money on qualifying expensesEligible ExpensePurchases or services received that are allowed by the benefit provider and complies with IRS regulations., you will not be taxed.
The money you put into an HSA rolls over from year to year – the money is yours to keep saved or spend on qualified health care expensesEligible ExpensePurchases or services received that are allowed by the benefit provider and complies with IRS regulations.. If you leave the university in any capacity, you will keep your HSA through retirement.
Plan details
Resources
All the following documents are available in English and Spanish
- Introduction to HSAs
- Qualified Medical Expenses
- Investing with your HSA
- Frequently asked questions: HSAs
- HSAs and Medicare
- See more on Optum's homepage
Videos
Tools
- Health Savings Checkup
- Prescription Savings
- Qualified Medical Expense Search
- Health Savings Account Calculators, which include:
- Maximum HSA Contribution
- HSA Contribution Details and Tax Savings
- HSA Future Value
Determine your contributions
How much is deducted each month?
Update your contributions
- You can enroll, cancel or make changes to your contribution at any time.
- HSA Open Enrollment: Employee Services offers an HSA Open Enrollment every November where you can go directly to your employee portal to enroll or update your contributions for the following calendar year. Go to the Benefits & Wellness area and select the Benefits Enrollment to enroll. See instructions.
- You may also make lump sum contributions by submitting the HSA Authorization Form to Employee Services.
Website
Visit the Optum website for more guides, videos and webinars.