Health Savings Account (HSA)

Health Savings Account (HSA)

Health Savings Account (HSA) – If you enroll in the High Deductible Health Plan (HDHP), you also have the opportunity to contribute tax free money from to a Health Savings Account (HSA) with Optum Bank. Use your pre-tax dollars to pay for qualified health care expenses for you and your eligible dependents.

You are eligible to contribute to an HSA if you are:

  • Enrolled in the HDHP and are not covered by another health plan that is not a HDHP.
  • Not covered under an FSA through your spouse’s employment (if applicable).
  • Not currently enrolled in Medicare or TRICARE.
  • Have not received medical benefits through the Department of Veterans Affairs (VA) during the past three months​.

Key HSA features:

  • Inframark makes an annual contribution to your HSA account – $500 for employee only coverage, and $1,000 for employee + dependent(s) coverage.
    • If your benefits effective date is June 1st or later, the amount is prorated at $250 (employee only) and $500 (employee + dependents).
  • Carry over unused funds from year to year and the account is yours to keep even if you change jobs, change health plans or retire.
  • The money goes in tax-free, grows income tax-free and comes out income tax-free when you use it for qualified healthcare expenses.

 

Managing your Optum HSA can be done in two easy and convenient ways:

  • In the same place as your 401(k) retirement savings account. Just download the Empower Retirement mobile app to your phone and log in to your account. You can also go online and visit, www.empowermyretirement.com and log in to your account.
  • Download the Optum mobile app or visit online at www.Optum.com and log in to your account. Click here for Optum HSA website registration instructions. 

You can increase your HSA annual contribution at any time throughout the year. Click here for instructions.

To shop for HSA eligible items, visit www.optum.com.

 

Transferring HSA funds from Wex Health Inc., to Optum Bank (process takes 7-10 business days)

  1. Complete the Optum Bank Rollover/ Transfer Form
    • Instructions on how to complete the form is below.
  2. Scan and email your completed form to benefits@inframark.com
  3. The Inframark Benefits team will fax your form over to Optum Bank for you! 

 

How to complete the Optum Bank Rollover/ Transfer Form

  1. Section 1, fill in your legal name, Optum Bank account number, your daytime phone number and your residential address.
    • If you don’t have your Optum Bank HSA account number, please email benefits@inframark.com and an Inframark Benefits team member can provide it to you.
  2. Section 2b, fill in your name that is associated with your current HSA account, your current HSA account number, the HSA administrator name as seen on your HSA card, the administrative phone number and address typically seen on the back of your HSA card.
  3. Within section 2b, sign your initial’s where instructed, acknowledging that you currently have an HSA financial institution other than Optum Bank HSA and for your current HSA bank to close your account.
  4. Section 3, sign your name and date.
  5. Scan and email completed form to benefits@inframark.com.

 

Common Questions:

Contact Us