Get More for Your Health Care Dollar. OptumHealth Bank Health Savings Account

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1 Get More for Your Health Care Dollar. OptumHealth Bank Health Savings Account

2 FPO OptumHealth Bank SM Makes it Easy for You to Save on Health Care Our tax-favored accounts let you save today and build health savings for the future. And when you choose OptumHealth Bank SM, you also get the experience and resources of the leading HSA provider*, plus choices that let you earn interest, access a variety of investment options, and tailor your fees to match your health savings and spending patterns. *OptumHealth is the leader in HSA assets managed. Page 2

3 Start Saving with an OptumHealth Bank HSA If you re enrolled in a qualified high-deductible health plan (HDHP), an OptumHealth Bank health savings account (HSA) can help you save and pay for medical expenses tax-free. With an HSA, you can choose to spend the funds today or build them for the future. Triple Tax Benefits HSAs offer triple tax advantages: Money deposited isn t taxed It grows tax-free It can be withdrawn tax-free to pay for health expenses Plus, you own the funds in your account from day one. You decide when and how to spend them. Even if you change jobs, your HSA stays with you. Advantages You Can Bank On Funds for today and tomorrow There is never a use-it-or-lose-it rule with an HSA. Unused funds earn a competitive interest rate tax-free. The money is there when you need it now or in the future. Flexible Account Funding Anyone can contribute to your account you (by contributions you make or payroll deductions, if available), your employer* and/or any other person. Use Your HSA for Health Care Services and Purchases In addition to qualified medical expenses such as prescriptions or visits to the doctor, use your HSA for: Many medically necessary purchases such as eyeglasses, hearing aids and qualifying over-the-counter medications. Visit OptumHealthBank.com for a list of eligible HSA expenses. Certain health coverage premiums such as COBRA, long-term care, any health plan coverage while receiving unemployment compensation, and any deductible health insurance (other than a Medicare Supplemental policy) for those ages 65 and older. Savings Add Up! With an HSA, you save on every dollar you spend on eligible medical expenses. Why pay more in taxes when you can pay less? Do the Math: With calculators on OptumHealthBank.com, you can add up your tax savings and see your HSA s possible future value. Invest and Grow Your Assets Some OptumHealth Bank HSAs offer investment choices to help you build your balance for future spending. Visit OptumHealthBank.com to view our investment options. Investments are not FDIC-insured, are not guaranteed by OptumHealthBank and may lose value. *Please check your plan materials to determine whether your employer will be making supplemental contributions to your account. Contact a tax, legal or accounting professional for personal advice on tax-related filings and issues. Federal and State regulations are subject to change. Page 3

4 Take Full Advantage of Your OptumHealth Bank Account OptumHealth Bank offers a choice of accounts that let you pick the right mix of features to match your health saving and spending patterns. Choose one of the following: Health eaccess HSA a low cost HSA designed for active health care spenders who do not carry a large balance and prefer a lower monthly maintenance fee. No interest is paid on account balances. Health esaver HSA a good choice for a broad range of needs. It offers easy access to your funds to pay current expenses, competitive interest rates, moderate fees and the option to invest in no-load mutual funds with no additional fee. Health einvestor HSA an HSA designed for individuals who plan to contribute to and grow their HSA balances over time. A low investment threshold lets you invest more money in no-load mutual funds, for a nominal fee. Save for the future with a competitive interest rate and investment options, your unused funds grow over time. Visit OptumHealthBank.com for tools to help you select the account that is right for you. The earlier you begin, the more you can save! Page 4

5 It s Easy and Convenient to Access Your HSA Dollars Use your Health Savings Account MasterCard Prepaid Debit Card: At any point-of-service location (such as a pharmacy or doctor s office) that accepts MasterCard At any ATM displaying the MasterCard brand mark To pay a bill from a provider who accepts MasterCard just write your debit card number in the space provided You can also access your HSA funds through: Use your OptumHealth Bank debit card to pay for qualifying expenses. Online bill payment at OptumHealthBank.com Checks, if you choose to purchase them Account Information Any Time You Need It With an HSA from OptumHealth Bank, account information is available day or night. Log on to OptumHealthBank.com create a password to view your account balance and monthly statements, transfer funds and more. Call toll-free. Our automated self-service is available 24 hours a day, 7 days a week. Customer service representatives are available Monday through Friday, 8 a.m. to 7 p.m. Eastern time. By phone or online you can: Enroll Set up contributions and transfer funds Check current balance and view monthly statements Pay bills Check deposits or withdrawals Activate your Health Savings Account Card SM Set or reset phone or Web password Learn about investment options Page 5

6 Save for the Future You can select from a variety of investment options which earn competitive interest rates so your unused funds grow over time. The earlier you begin, the more you can save! Your Health Savings Account Works With Your High-Deductible Health Plan While you are contributing to your HSA, you must be enrolled in a high deductible health plan that provides coverage for health care services for you and your covered dependents. The plan must have a high deductible and a maximum out-of-pocket amount that meets the government requirements regulating HSAs. Your specific plan design, deductible and out-of-pocket amounts are provided to you in your health plan information. Frequently Asked Questions Tax-Free Times Three! Money you contribute to your HSA is tax-free, earns interest tax-free, and may be withdrawn tax-free when you use it to pay for qualified medical expenses. 1. What is a high-deductible health plan (HDHP)? The IRS determines the requirements of a qualifying high-deductible health plan. However, if you enroll through your employer, your employer determines your specific plan design based on those guidelines. Please check your benefit plan materials for your plan design. 2. When can I start to use the funds in my HSA? Once your account is open, a deposit has been made to your account and funds are available, you can start using your HSA. You are 100 percent vested as soon as the funds are deposited and you have total control over the funds. Keep in mind that if your employer also contributes to the account, they can determine their contribution schedule, yearly, monthly or weekly. Please check with your employer to see what their contribution schedule will be. IMPORTANT: Medical expenses incurred prior to an HSA being both open AND funded are not eligible for tax-free usage of your HSA funds. So it is important to open and fund your HSA as early as possible if you want to be able to use your account. (There is no minimum dollar amount to fund your HSA.) That way, qualified medical expenses will be eligible for tax-free payment from your HSA early in your plan year. For example, let s say your health plan coverage begins on January 1, If your account is opened and funds are deposited into your HSA in late December 2007, your HSA is considered established on January 1, This means that if you go to the doctor on January 1, your HSA can be used for eligible services without being subject to federal taxes or penalty. However, if funds are not deposited into your HSA until January 5, 2008, any used HSA dollars may be subject to taxes and the 10% penalty for services received on January When can I contribute to my HSA? You can begin sending contributions to your HSA as soon as you receive your account number from OptumHealth Bank. 4. How do I make contributions to my HSA? You can make a contribution to your HSA: Online when you have logged into your account at OptumHealthBank.com. By mailing a deposit with a Contribution Form. The form is available at OptumHealthBank.com, or you can call customer service at to request a form be mailed to you. Through payroll deduction if your employer offers this option for your HSA, you can request that your employer deduct a set amount from your paycheck. Page 6

7 Frequently Asked Questions (continued) 5. How much can I contribute? Please refer to the IRS Contribution/Deductible Guidelines found on OptumHealthBank.com to determine how much you can contribute during the plan year. 6. How often can I contribute? Is there a limit as to how much I deposit with each contribution? You can contribute as frequently, or as much, as you wish, provided your total contribution does not exceed the limits specified by the Internal Revenue Service. Please refer to the IRS Contribution/Deductible Guidelines on OptumHealthBank.com to determine the amount you may contribute during the plan year. 7. What if I already have an HSA? If you already have an HSA, there are a number of options: If you have an HSA at OptumHealth Bank through the same employer that is providing your health plan, you don t need to fill out another application. If you have an OptumHealth Bank HSA, but not through your current employer, you can maintain your HSA with OptumHealth Bank. You don t need to fill out another application. As long as you have an HDHP, you can continue to use your HSA. If you are no longer covered by an HDHP, you can still keep your HSA, but you can t make contributions. If you have an HSA, but not with OptumHealth Bank, you can roll over or transfer your HSA to OptumHealth Bank. First, complete your HSA application. Remember, your signed HSA application must be on file at OptumHealth Bank before you roll over or transfer. Rollovers and transfers are subject to IRS restrictions. Please contact your tax advisor for additional information. 8. What happens to my HSA if I leave my employer? All funds contributed to your HSA, including funds contributed by your employer, are yours to keep. You can: Keep your HSA at OptumHealth Bank Transfer your funds to another qualifying HSA within 60 days of withdrawing the funds from OptumHealth Bank to avoid taxes and an additional 10 percent penalty Enroll in an OptumHealth Bank HSA today at OptumHealthBank.com. OptumHealth Bank Makes it Easy to Save on Health Care Our online enrollment process makes it easier and more convenient than ever to open up your HSA and start saving. When you open your account through OptumHealthBank.com, it speeds up processing time and provides access to your HSA sooner than if you had applied on paper. 9. What information will I receive about my HSA from OptumHealth Bank? You have access to online monthly statements at OptumHealthBank.com to track account balance and activity. If you prefer to have statements mailed to your home, simply notify OptumHealth Bank. You can opt out of electronic statements at OptumHealthBank.com or send your request to P.O. Box , Salt Lake City, UT Page 7

8 Take Control of Your Health Care Savings Today and Start Saving for Tomorrow. Enroll in an OptumHealth Bank HSA today at OptumHealthBank.com. For More Information or to Sign Up for an HSA: Visit us online at OptumHealthBank.com. Or call us at Toll-free self-service by phone is available 24 hours a day, 7 days a week. Customer service representatives are available Monday through Friday, 8 a.m. to 7 p.m. Eastern time. OptumHealth Bank OptumHealthBank.com /08 OH-FSV-CL Version OptumHealth Bank, Member FDIC All Rights Reserved