Optum Bank health savings account (HSA)

A health savings account is a tax-advantaged account that helps you pay for qualified medical expenses. You can contribute pretax dollars, grow your savings tax-free and withdraw funds tax-free for eligible health costs. It’s a smart way to manage current expenses and save for future health care needs.

View HSA resources

The main requirement for opening an HSA is having a qualifying high-deductible health plan (HDHP) that meets IRS guidelines.

There are several ways to contribute to your HSA: 

• Sign in to your account to set up one-time or recurring deposits.
• Mail in a check. 
• Set up payroll deductions from every check if your employer offers it.
• Contribute using the Optum Bank mobile app.

The IRS sets guidelines for how much you can contribute to an HSA each year. To learn more, visit our HSA contribution limits page. 

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

Your HSA makes paying for qualified expenses fast and easy. You can:

• Use your Optum Bank debit Mastercard® at the time of purchase or after you receive a bill. 
• Pay bills online or use the Optum Bank mobile app. 
• Reimburse yourself for a payment you’ve made. 

You can use your HSA to pay for the qualified medical expenses of anyone you claim on your taxes, even if you're only enrolled with single coverage. It’s a great way to plan for unexpected medical expenses — from deductibles to ER visits — for the whole family.

An HSA can help you prepare for future health care costs and retirement by enabling you to save money income tax-free. After you reach age 65, you can use your HSA funds for non-qualified expenses, from home repairs to vacations. You’ll pay regular income tax on those funds, but the 20% tax penalty no longer applies. 

It’s important to ensure that your HSA information is current and that you’ve selected a beneficiary. A beneficiary can be one or more individuals — for example, a spouse, children, relatives and/or friends.

If you don’t assign a beneficiary, your HSA funds will default to your legal surviving spouse, if you have one, or to your estate. If your funds are left to your estate, it may face heavier taxation. For these reasons, it’s important to keep your beneficiary information up to date. 

You can do this in 3 easy steps:

1. Sign in to your account by visiting optumbank.com. Select Settings from the black drop-down menu, then choose Beneficiaries. 
2. Select + Add a New Beneficiary. You’ll need the date of birth and Social Security number for the individual(s) you’re adding. 
3. Complete the online form, then select Submit.

If you have multiple HSAs with different providers, you can transfer them into a single account with Optum Bank for convenience. This is also called an HSA rollover. The process is straightforward and can help you manage your HSA funds more efficiently. Combining your HSAs is easy to do. Learn about HSA transfers.

If you change jobs, 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.

You can keep and use the money in your HSA even if you no longer have a qualifying HDHP or if you’re enrolled in Medicare. You do not have to close your account. However, you can no longer contribute to your HSA once you’re enrolled in Medicare.

Learn more about HSAs and Medicare

Learn about Medicare Advantage medical savings accounts (MSAs)

Yes, you can close your health savings account. Reasons for doing this may include changing health insurance or consolidating various HSA accounts. But before you close your account, consider the following:

• Taxes and penalties: If you withdraw funds for non-medical reasons before you’re 65, you may need to pay taxes and penalties. After age 65, you can withdraw funds for any reason without penalty, but you’ll still owe income tax.
  
  
• 60-day rule: If you receive a distribution of your HSA funds by check or direct deposit, you have 60 days to contribute those funds to another HSA or use them for qualified expenses to avoid taxes and penalties. 
  
  
• Liquidate investments: If you have invested a portion of your HSA, you need to sell those investments before the account can be closed. 
  
  
• Stop employer contributions: If your employer contributes to your HSA, be sure to stop those contributions before closing. 

To close your HSA:

• Contact your HSA provider for information about the process.
• Fill out any required forms.
• Pay any closure fees.
• Make sure your HSA provider has updated contact information for you in case there are any questions.