Health Savings Account (HSA)

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Optum Financial
Customer Service: 800-791-9361
 
When you enroll in the Gold, Silver, or Bronze plans, you are eligible
to participate in a Health Savings Account (HSA). A Health Savings Account is a tax-advantaged account which allows you to pay for your eligible out-of-pocket health care costs using pre-tax dollars - meaning you save money.
We understand that the cost of healthcare can be high, even if you have a good insurance policy, which is why Sotera Health contributes money to your HSA to help you cover your eligible medical expenses now, or in the future.
 
HSA Eligibility
  • You enroll in the Gold, Silver, or Bronze plans, which are qualified high deductible plans
  • You are not covered by any other health coverage, including a spouse’s plan, Medicare, or military coverage
  • You cannot be claimed as a dependent on someone else’s tax return
  • You do not participate in your spouse’s Flexible Spending Account (FSA)
Advantages of a Health Savings Account
  • You get triple tax savings:
    1. Your contributions and the contributions from the company go into your HSA tax-free
    2. Money you withdraw is not subject to taxes as long as you use it to pay for eligible healthcare expenses
    3. The earnings on your HSA are tax-free
  • Money in your account rolls over from year to year, so you can save for the future
  • Your HSA is yours to keep—you can take it with you if you leave the company or use it during retirement.  After you turn age 65, you can access the funds without penalty but withdrawals wlll be subject to income tax.
 
Contributions to your HSA
When you enroll in the Gold, Sliver, or Bronze medical plan, the company will make a contribution to your HSA whether or not you decide to make your own contributions. A Health Savings Account will be established for you with Optum Financial by the company. In addition to the employer funding, you may make your own pre-tax contributions through a payroll deduction (taking from each bi-weekly paycheck) to your account up to the allowed maximum. The IRS limit for 2024 is $4,150 for individuals and $8,300 for families. Individuals age 55 and older may contribute an additional $1,000 to their HSA under the “catch- up” provision. These funds can be withdrawn at any time to cover qualified medical expenses as defined by the IRS such as deductibles, medical services, pharmacy charges, or post-retirement medical expenses.
 
Optum Financial
Your Health Savings Account will be set up for you with Optum Financial. This is an actual bank account. You can expect the following after your account has been established with Optum Financial.
  • A welcome kit: This starter package will provide you with your account number and important disclosures
  • A debit card: Will arrive with the welcome kit
  • Access to the member website: Provides 24/7 account information, including electronic bill payment, activity and balance information, electronic statements, tax documents, and electronic funds transfer; access your account through myuhc.com
  • Assign a Beneficiary: Designate a beneficiary for your account
  • Manage your investments, transfer funds, education and tools
If you wish to transfer your previous HSA balance into your new Optum Financial account, “Please contact Optum at 800-791-9361 or obtain a Rollover/Transfer Request form at optumbank.com


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