Health Savings Account (HSA)
A Optum (formerly Wells Fargo) HSA is like an IRA for your healthcare that empowers you to prepare for and manage healthcare costs. HSAs offer triple tax benefits, including tax-free1 saving, growth, and spending on qualified medical expenses anytime, from today throughout your retirement — something you can’t get from other retirement accounts. HSAs complement your retirement plan, helping you prepare for the $250,000 or more that you will need for retirement medical expenses. HSAs can also be used to save and pay tax-free today for your healthcare expenses — from doctor’s visits to prescriptions, as well as dental and vision expenses.
What is the HSA referenced under the High Deductible Health Plan (HDHP) options?
- A tax-favored account that works in conjunction with the High Deductible Health Plan (HDHP)
- pre-tax dollars to pay for current and future eligible expenses
- Employee biweekly contribution
- County Contribution for 2020: 50% of deductible
- 2020 maximum contributions:
- $3,500 employee-only coverage
- $7,000 Family coverage
- 55+ Catch-up: $1,000
- Withdraw up to the current account balance
- Roll over of unused funds regardless of amount
- Account portability
- Videos & flyers/brochures from Optum Bank’s Open Enrollment 1-2-3 Site