Health Savings Account


A Health Savings Account (HSA) is like a traditional bank or investment account, but with one important difference: when you use the money in the account to pay for qualified health care expenses—including qualified medical, prescription, dental, and vision services, deductibles, copayments, and coinsurance—you are not subject to taxes. It is a great way to set aside funds to minimize out-of-pocket costs when you receive care that is not covered by the plan. With an HSA, you can change your contribution at any time during the year and even if you do not contribute to your health savings account the company will make an annual contribution on your behalf! Contributions are taken on a per-paycheck basis and the company contribution will be prorated based on your coverage effective date.

The IRS sets annual contribution limits each year. Limits are composed of both employee and employer contributions. 

The current IRS annual limits are:

  • Individual coverage: $3,600
  • Family coverage: $7,200

If you are 55 or older, you can contribute an additional $1,000 each year.

Company HSA Contributions

CoverageAnnual Company Contribution*
Employee Only$300
Employee + Spouse$300
Employee + Child(ren)$600
Employee + Family$600

*Prorated Based on Number of Months Enrolled

  • HomeServices contributes to your HSA to help you pay eligible health care expenses.
  • The money you contribute goes into your HSA tax-free, where it grows tax-free and can be withdrawn tax-free if used to pay qualified health care expenses.
  • The funds in your HSA are 100% yours, you can take them with you even if you choose different medical coverage, change jobs, or retire.
  • Unused contributions to your account roll over from year to year for you to use on future qualified health care expenses — there is no “use it or lose it” rule.

Your Triple Tax Advantage

With an HSA, you pay no taxes on…

The money you contribute, your
payroll contributions, and the
money the Company contributes
on your behalf;

The money you take out, when you use it to pay for eligible health care expenses; and on your behalf;

The investment earnings on your account. on your behalf;

The triple tax advantage makes an HSA a great way to save for future health care expenses, including those you incur in retirement.

If you are enrolled in the HSA Plan, you can generally contribute to an HSA. 

You cannot contribute to an HSA if you: 

  • Are covered by another health plan that is not a high-deductible health plan
    • This includes coverage through your spouse’s medical insurance, such as an EPO, PPO, or HMO. 
    • If your spouse participates in a general-purpose health care reimbursement account, or HCRA (also commonly referred to as a medical flexible spending account or health care flexible spending account), IRS rules prohibit you and the Company from contributing to an HSA.
  • Are enrolled in Medicare or Medicaid
    • Applying for Social Security benefits automatically enrolls you in Medicare Part A, making you ineligible for an HSA. 
    • Note: Your spouse or dependent can still be enrolled in Medicare or Medicaid.
  • Can be claimed as a dependent on someone else’s tax return
  • Have received benefits within the last three months from the U.S. Department of Veterans Affairs (VA)
    • If you have received health benefits, including prescription drugs, through the VA or one of its facilities in the last three months, you are not eligible for an HSA.

You can use your Optum Bank debit Mastercard, the online banking and bill pay feature, pay by check or pay out of pocket and reimburse yourself. To use the funds in your account, first, check your balance online to see how much you have available. Then, whenever you incur qualified medical or prescription expenses during the year, you can pay them directly from your HSA using one of the available payment methods. You can always pay expenses out of your own pocket if you would prefer to save the money (and earnings) in your account to use on future eligible expenses.

When you set up an HSA, it is important that you also select a beneficiary. This will ensure that your HSA money is immediately available to your beneficiary upon your death. You may select more than one beneficiary and assign the portion of your account that would go to each. 

What if you don’t select a beneficiary? 

If you do not specify a beneficiary and you are married, your HSA becomes your spouse’s HSA. If you are not married at the time of your death, the funds will go to your estate and the funds may be subject to taxation. 

How do you include a beneficiary? 

Sign into the Optum Financial website, choose Claims & Accounts > Plan Balances > Manage your Optum Bank HSA > Manage Beneficiaries.  

For information on how the HSA works, visit the Optum Financial website. Current participants can manage their account by logging in to myuhc.com®.