Health Savings Account (HSA) FAQs

At Optum Bank, we’re here to help make sure you understand how to use your new Health Savings Account (HSA) and prepare for financial wellness.  You can visit our Health Account Education Center section for videos, webinars and other educational materials to help you make the most of your HSA.

If you’ve just opened an Optum Bank HSA, you can also follow our New Account Holder Checklist to get off to a good start.

 

You will be automatically set up to receive a monthly email notification that your statement is ready to view online. This will be sent to your Liberty email address at no cost. If you opt out of electronic statements and would like to receive paper statements, you will be charged $1.50 per quarter, which will be deducted from your HSA balance. Paper statements are sent on a quarterly basis, the first of which will be released in mid-April.

1. Sign into your online account at optumbank.com/liberty.
2. Click "Accounts," then select "Account Management" from the top menu bar.
3. Under your Communication Preferences click "Edit" and select "Online." 
4. Ensure your email address is current or indicates your preferred email under "Account Profile." 

If you are updating your communication preferences with the Optum Bank mobile app:

1. Sign into your account. 
2. Click on your account under the "Accounts" section on the Dashboard. 
3. Under the "Account / Plan Information" select "Account Details."
4. In Account Details, click "Edit" and select "Online" under your Communication Preferences.
5. Ensure your email address is current or indicates your preferred email under "Account Profile." 

 

If you update your communication delivery preferences to “Online,” you’ll no longer receive a printed quarterly account statement for your Health Savings Account (HSA) in the mail. Instead, you will receive a monthly email notice that your statement is available to view online. If needed, you can easily print a copy of your monthly statement at any time.

Yes. Use the following links if you are having trouble remembering your username or password, or need to register for our site:

Forgot username
Forgot password
Register now

Sign in to your account online. Select Manage Beneficiaries from the “I want to…” section. Then either select + Add a New Beneficiary or Edit.

If you do not assign a beneficiary, your HSA funds will default to your surviving spouse or domestic partner, if you have one, or to your estate. If left to your estate, HSA funds may face heavier taxation.

Yes, your beneficiary can be one or more individuals (i.e., spouse, children, relatives etc.) or organizations, such as a trust or charity.

If you do not assign a beneficiary, your HSA funds will default to your surviving spouse or domestic partner, if you have one, or to your estate. If left to your estate, HSA funds may face heavier taxation.

Sign in to your account online. Select Manage Beneficiaries from the “I want to…” section. Then either select + Add a New Beneficiary or Edit.

Find out whether your expense is qualified by checking out the Qualified Medical Expense Search Tool. 

The standard way to contribute is through payroll deductions.  You can also sign in to your HSA account to set up one-time or recurring deposits or mail in a check.  This can also be done using the Optum Bank Mobile app.

2022 limits:

• An individual can contribute up to $3,650 (increase of $50 from 2021) for the year. 
• An individual with family coverage can contribute up to $7,300 (increase of $100 from 2021) for the year. 

If you are age 55 or older, you 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.

Sign in to your account today and check your contribution limit.

The IRS sets guidelines for how much you can contribute to an HSA each year. 

2021 limits:

• An individual can contribute up to $3,600 (increase of $50 from 2020) for the year.
• An individual with family coverage can contribute up to $7,200 (increase of $100 from 2020) for the year.

Please note: the IRS limit includes any contributions you may receive from your employer.

If you are age 55 or older, you 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.

Sign in to your account today and check your contribution limit. 

You can use your Optum Bank debit Mastercard^® on the spot or after you receive a bill. You can pay bills online or using the Optum Bank Mobile app. Or you can reimburse yourself for a payment you’ve made.

To request a copy of your tax forms for the 2020 tax year, please contact UMB General HSA Inquiries at 866-520-4472, Monday through Friday 7:00 a.m. - 7:30 p.m. CT and on Saturdays from 8:00 a.m. - 5:00 p.m. CT.

To obtain copies of your 2021 IRS Form 1099-SA and IRS Form 5498-SA sign into to your account online and click on the "Statements and Docs" section. If you need help getting started you can visit our HSA tax center for more information.

Please note: tax forms are not available via the Optum Bank® mobile app. 

To order additional cards for your spouse and eligible dependents, sign in to your account. In the “I want to” section, click “Manage debit cards.”

If you’re a new account holder, you’ll be able to choose a PIN when you first activate your debit card. If you’ve forgotten your PIN or need to change it, call the customer service phone number on the back of your debit card.

No. You can keep your account, and the money in it remains yours. If your new employer offers an HSA, you can continue contributing to your Optum Bank^® account instead of opening a new one or roll your funds into your new employer's HSA.

You do not have to close your account, and you can continue using the money in your HSA even in retirement. However, if you no longer participate in a qualifying high-deductible health plan, you can’t make additional contributions.