Administered by Optum Bank, a Health Savings Account (HSA) allows you to pay for qualified health care expensesEligible ExpensePurchases or services received that are allowed by the benefit provider and complies with IRS regulations. now or in the future. HSAs offer three tax benefits: Tax-free saving, growth and spending on qualified medical expensesEligible ExpensePurchases or services received that are allowed by the benefit provider and complies with IRS regulations. anytime from today throughout your retirement.

You contribute from your pay on a pre-tax basis. These deductions lower your taxable income and when you spend the money on qualifying expensesEligible ExpensePurchases or services received that are allowed by the benefit provider and complies with IRS regulations., you will not be taxed. 

  Plan details

Determine your contributions

  How much is deducted each month?

Health Savings Accounts (HSAs) run on the calendar year, from Jan. 1 to Dec. 31

HSA features and considerations

To contribute to an HSA, IRS regulations apply:

 

2020 IRS Contribution Limits:   

  • $3,550 for single coverage
  • $7,100 for family  coverage (2+members)
  • $1,000 additional for employee age 55 or older

 

Additional information: