Show your HSA some love
Check out tips below to help ensure you’re up to speed on how to maximize your 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 Health Savings Account (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 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
2020 limits:
- An individual can contribute up to $3,550 (increase of $50 from 2019) for the year.
- An individual with family coverage can contribute up to $7,100 (increase of $100 from 2019) for the 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.
Don't forget: 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 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.
Your Optum Bank Health Savings Account (HSA) provides more than medical cost savings. It’s a smart investment option that can help you build a financial plan for today and tomorrow. Investing HSA dollars has many potential tax benefits and can be an additional way to save for long-term health care needs and financial goals. HSAs are triple tax advantaged, making them an effective savings and investment account.
You need to have $1,100 in your account to be able to invest funds. This ensures you will have cash ready to pay for qualified medical expenses. You can choose to invest any amount over this threshold, in $100 increments, as long as you maintain a minimum of $1,000 in your HSA cash account. This means that you need a minimum of $1,100 in your account before you can invest.
Optum Bank makes investing easy and more accessible for you by offering two investment opportunities.
Option 1: Optum Bank self-directed mutual funds: Choose from a wide variety of over 30 mutual funds, that average a four-star Morningstar rating and represent some of the lowest expense ratios in the industry, including life stage funds.
Option 2: Betterment digitally managed investments: Betterment helps take the guesswork out of investing your HSA. Based on your HSA investment goals, Betterment will recommend a personalized portfolio of low-cost exchange traded funds (ETFs) and help keep your HSA investment on track through auto-deposits and automated rebalancing.
Click here to learn more about how to start investing your HSA dollars.
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.
