Many people choose to open their HSA with Optum Bank, Member FDIC. Optum Bank is a leading HSA custodian and is dedicated to health care banking. With Optum Bank, you get an online banking experience specially designed for HSAs. You will also have the convenience of being able to manage your health plan and HSA with one website – myuhc.com®
Opening your HSA is simple and quick. There are just a couple of things to do before you get started:
You are covered by a qualified single or family high-deductible health plan (HDHP) on the first day of the month, such as the UnitedHealthcare HSA Plan.
You have no other health coverage except what is permitted by the IRS.
You are not enrolled in Medicare.
You cannot be claimed as a dependent on another person's tax return.
You are not covered by a health FSA or an HRA that pays or reimburses qualified medical expenses. However, some plan arrangements such as a limited-purpose health FSAs or HRAs might be permitted.
See IRS Publication 969 for more information.
Gather the Information You Need to Enroll.
To complete the enrollment process, please have the following information handy:
Your Social Security Number
A valid e-mail address
Your UnitedHealthcare health plan ID card containing your group or employer number (unless you're enrolling on your own)
Primary identification, such as a driver's license, passport or government- issued ID
Your personal banking information, if you wish to make an electronic contribution after you complete your application
Find Out What Expenses Are Covered
IRS Publication 969 explains that qualified medical expenses are those that would generally qualify for the medical and dental expenses deduction, as listed in IRS Publication 502. Examples are listed below:
Doctor's office visits (non-preventive care)
Dental care and braces
Eyeglasses, contacts and LASIK surgery
Hearing aids (including batteries)
Long-term care medical expenses and insurance premiums
Nursing home care
* As of Jan. 1, 2011, you will need a prescription to use your HSA for over-the-counter drugs.
Generally, you can't use your HSA to pay for health insurance premiums. But there are exceptions. You can use your HSA for health plan premiums if:
You are receiving federal or state unemployment benefits.
NOTE: By applying for a Health Savings Account, you understand that you will be entering into a legally binding agreement with Optum Bank. You will have the ability to cancel your application at any time before the final screen.
Health savings accounts (HSAs) are individual accounts offered by Optum BankSM, Member FDIC, and are subject to eligibility and restrictions, including but not limited to restrictions on distributions for qualified medical expenses set forth in section 213(d) of the Internal Revenue Code. This communication is not intended as legal or tax advice. Please contact a competent legal or tax professional for personal advice on eligibility, tax treatment, and restrictions. Federal and state laws and regulations are subject to change.