The Health Savings Account is a self directed tax-advantage account that you can use to pay for medical expenses. You can fund this account up to the deductible amount each year. Any unused amount remains in your account and carries over to the next year. If you leave employment your account goes with you. The Health Savings Account is accompanied by the Health Savings Account PPO Plan a qualifying high deducible plan.  

The Company will contribute the following amounts to your account annually. The amount is contributed at the begriming of the year.  If you benefits begin after the first of the year, your amount will be prorated for the partial year. 

Single $ 500

Family $1,000

As part of the process, you will be required to open an account with United HealthCare’s partner bank Optum Bank.

Open an Health Savings Account at Optum Bank 

Medical expenses can be paid using a debit card at any credit card machine or with convenience checks that can be written directly to the physician or other medical professionals. Cash withdrawals can also be made at any ATM machine; however, use of an ATM machine will result in additional banking fees charged to your account.

The employee is responsible for verifying that HSA funds are used for qualified medical expenses (IRS section 213(d)) and for keeping records to verify that distributions are for qualified expenses. The IRS may request receipts during a tax audit.

Contributions to the account are on a pre-tax basis and payment of qualifying medical expenses are also tax-free. Interest earned on the account is also tax-free.