How a Health Savings Account (HSA) Works
Your HSA can also be used for your expenses and those of your spouse and dependents, even if they are not covered by the HDHP medical plan. Your HSA works together with your HDHP medical plant to give you greater flexibility and discretion over how your use your health care dollars.
You contribute on a pretax basis and can change how much you contribute from each paycheck up to the IRS maximum of $3,450 if you enroll only yourself or $6,850 if you enroll in family coverage. You can make an additional catch-up contribution if you are age 55.
Using Your Account
Eligibility to Open an HSA
You are only eligible to open an HSA if you elect the HDHP with HSA medical plan are you are not covered by any other health plan, including Medicare or Tricare.
IRS Rules to Know:
Eligible expenses are tax-free.
Not compatible with Medicare.
Non-eligible expenses are penalized.
There is a contribution limit.
Accessing Your Funds
Optum Bank, who UMR uses as their trusted HSA bank partner, will automatically open your HSA for you. Watch your mail after you enroll for a welcome kit with important account information. You can access your HSA, including all balance and transaction activity online.
Changing Your HSA Contribution
You are allowed to change your contribution once per month, with the change becoming effective on the first MIHS pay period following the change request. All requests must be emailed to firstname.lastname@example.org and be received no later than the Monday prior to the pay date.