Full Width Image Background
Full Width Image Background
Text

Health savings account (HSA) FAQs

Text

Get answers on contribution limits, qualified medical expenses, tax forms and more. 

Text

HSA frequently asked questions

Accordion Block v2

  • 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 resource library for videos and other educational materials to help you make the most of your HSA.

    If you’ve just opened an HSA, you can also follow our new account holder checklist to get off to a good start. 

    OR

  • HealthSafe ID is an enhanced, secure way to sign in to your accounts. It allows you to use a single username and password across multiple Optum and UnitedHealthcare websites. HealthSafe ID uses two-factor authentication and industry-leading technology to keep your account safe and secure.

    OR

  • No. If you already have a HealthSafe ID username and password that you use to access other Optum or UnitedHealthcare websites, you do not need to create a new one. Your existing credentials will work across any websites that use HealthSafe ID sign-in technology.

    OR

  • Find out whether your expense is qualified by checking out the qualified medical expense tool.  

    OR

  • There are three ways to make a contribution to your HSA.

    Set up recurring contributions
    Sign in to your account to set up recurring contributions to ensure you’re contributing the maximum allowed by the IRS each year. 

    Make a one-time contribution
    If you haven’t contributed the maximum allowed by the IRS, you can make a one-time contribution to your account at any time.

    Employer payroll deductions
    Some employers offer payroll deductions. You should check with your employer to see if payroll deduction contributions are available to you.

    Visit our website to learn more about making a contribution to your HSA. 

    OR

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

    2023 limits:
    An individual can contribute up to $3,850 (increase of $200 from 2022) for the year.

    An individual with family coverage can contribute up to $7,750 (increase of $450 from 2022) 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. 

    OR

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

    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. 

    OR

  • No. You can keep your account, and the money in it remains yours, no matter what, even if you change jobs or move off a qualifying high-deductible health plan.

    OR

  • 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.

    OR

  • The cash portion of your HSA is insured up to the applicable limit by the FDIC. HSA investments are not FDIC-insured. The method and manner of FDIC Insurance on the cash portion of your HSA depends on your HSA custodian.  

    • If your HSA custodian is Optum Bank – Optum Bank is a member of the Federal Deposit Insurance Corporation (“FDIC”). Cash balances are eligible for insurance coverage by the FDIC up to the standard maximum amount as determined under FDIC rules (together with any other deposits owned by Participant at Optum Bank, including savings and checking accounts, money market deposit accounts, and CDs issued directly to Participant by Optum Bank, and deposits from similar cash placement programs offered by other custodians, brokerages or other entities). Additional information regarding FDIC insurance coverage is available at fdic.gov or by calling the FDIC at 1-877-ASK-FDIC (1-877-275-3342).
    • If your HSA custodian is ConnectYourCare, LLC – The cash balance of your ConnectYourCare, LLC HSA is maintained in an aggregate account established for the benefit of Participant at one or more FDIC-insured financial institutions of our choosing (an “Aggregate Account”). ConnectYourCare, LLC is not a bank and is not an FDIC-insured institution. Cash balances are eligible for insurance coverage by the FDIC up to the standard maximum amount as determined under FDIC rules (together with any other deposits owned by Participant at the FDIC-insured financial institution, including savings and checking accounts, money market deposit accounts, and CDs issued directly to Participant by the FDIC-insured financial institution, and deposits from similar cash placement programs offered by other custodians, brokerages or other entities). Additional information regarding FDIC insurance coverage is available at fdic.gov or calling the FDIC at 1-877-ASK-FDIC (1-877-275-3342). Click here for a list of the FDIC-Insured Institutions where ConnectYourCare, LLC is currently placing funds.
    OR
Featured Article(s)

Related resources

No Category

Title goes here

Description Goes Here

No Category

Title goes here

Description Goes Here

No Category

Title goes here

Description Goes Here
Text

Self-directed mutual fund investment options are made available through the services of an independent investment advisor, or your plan sponsor. Discretionary advisory services are provided by Betterment LLC, an SEC-registered investment adviser, with associated brokerage transactions provided by Betterment Securities, Member FINRA/SIPC. For details and disclosures visit betterment.com. The Schwab Health Savings Brokerage Account is offered to certain account holders through Charles Schwab & Co., Inc., Member FINRA/SIPC. For details and disclosures, visit schwab.com. Brokerage services are offered to certain accountholders through TD Ameritrade, Inc., Member FDIC/SIPC and a subsidiary of The Charles Schwab Corporation. For details and disclosures, visit tdameritrade.com.

Orders are accepted to effect transactions in securities only as an accommodation to HSA owners. Optum Financial and its subsidiaries are not broker-dealer or registered investment advisors and do not provide investment advice or research concerning securities, make recommendations concerning securities, or otherwise solicit securities transactions.

Health savings accounts (HSAs) are individual accounts offered through Optum Bank®, Member FDIC, or ConnectYourCare, LLC, an IRS-Designated Non-Bank Custodian of HSAs, each a subsidiary of Optum Financial, Inc. Neither Optum Financial, Inc. nor ConnectYourCare, LLC is a bank or an FDIC insured institution. HSAs are subject to eligibility requirements and restrictions on deposits and withdrawals to avoid IRS penalties. State taxes may apply. Fees may reduce earnings on account.

Flexible spending accounts (FSAs), dependent care assistance programs (DCAPs), health reimbursement arrangements (HRAs), Commuter and Parking Benefits, Tuition Assistance Plans, Adoption Assistance Plans, Surrogacy Assistance Plans, Wellness Benefits, and Lifestyle Accounts (collectively, “Employer-Sponsored Plans”) are administered on behalf of your plan sponsor by Optum Financial, Inc. or ConnectYourCare, LLC (collectively, "Optum Financial") and are subject to eligibility and restrictions. Employer-Sponsored Plans are not individually owned and amounts available under the Employer-Sponsored Plan are not FDIC insured. This communication is not intended as legal or tax advice. Federal and state laws and regulations are subject to change. Please contact a legal or tax professional for advice on eligibility, tax treatment, and restrictions. Please contact your plan administrator with questions about enrollment or plan restrictions.

Google Play and the Google Play logo are trademarks of Google LLC. Apple and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc., registered in the U.S. and other countries.

The promotional code OPTFSA7, OPTHSA5 and OPTHRA7 cannot be applied to previously placed orders, and cannot be combined with other promotional codes. Additionally, the code cannot be used for prescription drugs or virtual care visits. Promotional codes are not transferable or redeemable for cash or credit. To apply a promotional code you must enter it prior to completing the order.

Free and expedited shipping offers do not apply to shipping outside of the contiguous United States. Additional shipping restrictions may apply.

The Optum Store is an affiliate of the UnitedHealth Group family of companies.

Your employer sponsored plan may exclude reimbursement for certain categories of items. Check your plan document and summary plan description or contact your benefits department for specific coverage details. 

© 2022 Optum, Inc. All rights reserved