A Health Savings Account is an interest-bearing account that can be used to pay for qualified medical expenses. However, HSA’s by IRS guidelines do not have the “use it or lose it” mandate as in the medical reimbursement account and instead allows participants to build savings accounts to pay for immediate or future medical expenses or even Medicare premiums at a later time. Visit the OptumHealth Bank website to learn more about owning and managing a Health Savings Account.
For New Account Holders in 2012
Contributions to your HSA will occur with each paycheck for monthly paid employees and with the first two paychecks each month for biweekly paid employees. Half of university-provided cafeteria plan dollars that are funding a portion or all of the HSA will be contributed with the January 2012 payroll(s).
The remaining half will be contributed with the February through December 2012 payroll(s). New account holders for 2012 will need to activate their HSA with OptumHealth Bank. Account holders must activate their accounts prior to January 1, 2012. A debit card free of charge will be issued with this account. Once accounts are activated, OptumHealth Bank will issue a welcome kit to the account holder, which includes account information plus a Beneficiary Form for completion and submission to OptumHealth Bank.
OptumHealth Bank provides two fee schedules. Upon account activation, the eInvestor Fee Schedule product will automatically apply. Account holders have the option at any time to switch to the eSaver fee schedule product by contacting OptumHealth Bank customer service at 1-800-791-9361 and selecting option 0. Initial account set-up and monthly maintenance fees will be waived while account holders are insured by the university’s medical Base Plan.
Visit the OptumHealth Bank website to learn more about managing your new HSA: http://www.optumhealthbank.com. To contact OptumHealth Bank directly, call the Customer Service toll-free number listed below.
OptumHealth Bank Update: New website design and changes
Fax: (866) 314-9795
Automated information is available 24 hours a day. Customer service representatives are available Monday through Friday, 8:00 am to 8:00 pm, Eastern Time.
P.O. Box 271629
Salt Lake City, Utah 84127-1629
Forms for Health Saving Account Transactions
Form used to rollover Mellon HSA balance into OptumHealth Bank HSA
Form used to rollover or transfer of HSA assets currently held by another custodian/trustee to OptumHealth Bank