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. Federal and state laws and regulations are subject to change. This communication is not intended as legal or tax advice. Heath savings accounts (HSAs) are individual accounts offered or administered by Optum Bank, Member FDIC, and are subject to eligibility requirements and restrictions on deposits and withdrawals to avoid IRS penalties. Start taking charge of your healthcare savings and spending with an OptumBank Health Savings Account, an easy way to save smart. If your HSA is already up and running, contribute to it. So, don’t wait, if you don’t already have an HSA open one! (Additional Requirements included: Not enrolled in Medicare, not covered by any other health plan that…, covered under an IRS qualifying HDHP, may not be claimed as a dependent on another) The main requirement is that you’re covered under a qualifying high deductible health plan or HDHP.Īlthough there are additional requirements defined by the IRS. …that means the money in your account is yours to keep, even if you change jobs or health plans. (Graphic of ‘Use it or Lose it’ text breaking in half creating a tearing sound) More good news, with an HSA there’s no use it or lose it rule, Second, you won’t pay income tax on money you use for qualified medical expenses, that includes vision and dental expenses.Īnd third, your savings grow income tax free, helping you create a nice little nest egg for retirement. Keep in mind the IRS sets limits on how much you can contribute each year. In fact, in most cases there are three ways an HSA helps you keep your money in your pockets and out of Uncle Sam’s.įirst, generally you won’t pay federal income tax on money you deposit into your account. You can find IRS Publication 969, Health Savings Accounts and Other Tax-Favored Health Plans, and IRS Publication 502, Medical and Dental Expenses, online, or you can call the IRS to request a copy of each at 80.Save smart, it’s easy with an OPTUMBank® Health Savings Account or HSA.Īn HSA is used to save for qualified medical expenses for you and your eligible dependents, both now and in the future. You are also encouraged to review information available from the Internal Revenue Service (IRS) for taxpayers, which can be found on the IRS website at IRS.gov. Because the administration of an HSA is a taxpayer responsibility, you are strongly encouraged to consult your tax advisor before opening an HSA. It is not intended, nor should it be construed, as legal or tax advice. The information provided herein is general in nature. Consult an attorney or tax professional regarding your specific situation. Fidelity makes no warranties with regard to such information or results obtained by its use, and disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information. Fidelity cannot guarantee that the information herein is accurate, complete, or timely. Tax laws and regulations are complex and subject to change, which can materially impact investment results. The information herein is general and educational in nature and should not be considered legal or tax advice. The value of your investment will fluctuate over time, and you may gain or lose money.įidelity does not provide legal or tax advice. Keep in mind that investing involves risk. This information is intended to be educational and is not tailored to the investment needs of any specific investor. We recommend consulting the IRS's guide in Publication 502 to see what's qualified and what isn't. Fidelity does not determine what is a qualified medical expense.
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