An employer may also make the HRA portable so that you can take the funds with you when your employment ends or when you retire. You cannot be claimed as a dependent on another person's tax return (unless it's your spouse). HRA funds must be used for healthcare expenditures only. HSAs are owned by the individual, differentiating them from company-owned Health Reimbursement Arrangements (HRAs) that are an alternate tax-deductible source of funds paired with HDHPs. For more information, please call the number on the back of your Health Benefits Debit Card. H\n@C_Ow,!KH>a 0>w"Dn}.9 !mj;s'y?ss$.4$U_q:OwicxLS??Kq.sk)}%toz7wuNfhu09$UNBY~~^Q[5>%|:.jZ l%J`+77A For details and disclosures visit betterment.com. j`/n7^+ZTb PDF Medica Consumer Directed Solution HEADER Health Savings Account Save even more with Optum Store 7% savings on FSA purchases with code OPTFSA7 and 5% on HSA purchases with code OPTHSA5. Please contact a legal or tax professional for advice on eligibility, tax treatment and restrictions. There's a $300 per 24-hours limit on ATM withdrawals. Orders are accepted to effect transactions in securities only as an accommodation to HSA owners. What tax documents will I receive from HSA Bank? The Optum Store is an affiliate of the UnitedHealth Group family of companies. (866) 357-5232 | (414) 978-5282 An individual with family coverage can contribute up to $7,750 (increase of $450 from 2022) for the year. If your spouse is also 55 or older, he or she may establish a separate HSA and make a catch-up contribution to that account. Limited purpose flexible spending account. Your plan document may provide for a grace period that allows you to use your remaining funds for IRS-qualified expenses incurred for up to 2 months into the next year. PDF Frequently asked questions: Health savings accounts - UHC Online Transfer - On HSA Bank's Member Website, you can transfer funds from your HSA to an external bank account, such as a personal checking or savings account. Free and expedited shipping offers do not apply to shipping outside of the contiguous United States. The deposit will be entered for the year the distribution occurred. 0000003005 00000 n If youre a new account holder, youll be able to choose a PIN when you first activate your debit card. You may be covered by the following plan types while still being eligible to set up an HSA: dental; vision; short- and long-term disability; life and accidental death; long-term care; and certain health Flexible Spending Accounts (FSAs), including: insurance for specific types of diseases or illnesses, such as cancer plans; hospital indemnity plans; limited-purpose FSA (dental & vision only); and post-deductible Health Reimbursement Arrangements (HRAs). Some employers offer payroll deductions. Your flexible spending account (FSA) or health reimbursement account (HRA) with Optum Financial includes an Optum Financial payment card. App Store is a service mark of Apple Inc., registered in the U.S. and other countries. Health savings accounts (HSAs) and Medicare Advantage Medical Savings Accounts (MSAs) are individual accounts offered or administered through Optum Bank, Member FDIC, a subsidiary of Optum Financial, Inc. Optum Financial, Inc. is not a bank or an FDIC insured institution. 0000004613 00000 n Results and amounts will vary depending on your particular circumstances. Participating in an HRA is a great way to stretch your healthcare budget. You cannot have received medical benefits from Veterans Administration for any non-service-connected disabilities at any time during the previous three months.*. *Assuming 25% tax bracket and 5% state tax rate in a tax-exempt HSA state. HSA Bank Health Benefits Debit Card provides access to your HSA funds at point-of-sale with signature or PIN and at ATMs for withdrawals.
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