Health Savings Account & Flexible Spending Accounts

Health Savings Account (HSA)

Administered by Optum. The Select Plus HSA features an HSA provided through Optum. The HSA lets you set aside pre-tax dollars to help offset your annual deductible and pay for qualified health care expenses.

• You contribute pre-tax dollars through automatic payroll deductions or make after-tax contributions that are deductible when you file your taxes.
• You may change your contributions at any time throughout the year.
• You can withdraw HSA funds tax free to pay for current qualified health care expenses, or save them for the future, also tax free. Unused funds roll over from year to year and are yours to keep, even if you change medical plans or leave your employer.
• Funding: Employee pre-tax contributions and Company contributions.
• Your HSA is yours for life. The money is yours to spend or save, even if you change health plans,¹ retire or leave the organization.
• You must meet certain eligibility requirements to have an HSA: You a) must be at least 18 years old, b) must be covered under a qualified HDHP, c) must not be enrolled in Medicare and d) cannot be claimed as a dependent on another person’s tax return. For more information, please refer to IRS Publication 969.
• Adult children must be claimed as dependents on your tax return for their medical expenses to qualify for payment or reimbursement from your HSA.