February 2011

• Review your Welcome Materials. An OptumHealth Bank welcome kit was mailed to you shortly after you enrolled. The welcome kit includes your account number and account disclosures.
• Use your HSA at the doctor’s office. Your health care providers will submit paperwork to your health plan for expenses you have incurred and then bill you for any balance due. When the bill arrives, you can use your OptumHealth Bank Health Savings Account Debit MasterCard^® or online bill payment. If you don’t have enough funds in your HSA, you can make a contribution to your HSA to cover the amount, as long as you remain within contribution limits. You can also pay the bill out of pocket and reimburse yourself when your HSA has more funds.

Continuing HSA holders

• Maximize your 2010 contributions. You have until April 18, 2011, to make 2010 contributions to your HSA. HSA contribution limits for 2010 and 2011 are $3,050 for individuals and $6,150 for family coverage. You can make an additional $1,000 “catch-up contribution” if you are 55 or older and not enrolled in Medicare. Contributions for the 2010 tax year can only be made by downloading a contribution form and mailing it in with a check.
• Reassess your ongoing contributions. Consider raising your payroll deductions or other HSA contributions if you’re not at the maximum. Dollars in your account at the end of the year stay there and can be used to pay for future qualified medical expenses for as long as you have money in the account. Once you turn 65, you can use the funds for any purpose, though distributions used for non-medical purposes will be taxed.
• Review the new rules for OTC medications. Starting January 1, HSAs can no longer be used to pay for over-the-counter (OTC) medications unless you have a prescription.

  Take charge of your health care spending

Each issue, we share a new suggestion to help you make the most of your health care dollars. This issue’s tip is compare costs.

Check to see if your health plan offers an online tool to help you compare costs for common treatments and procedures among providers in your area. If not, make some calls yourself. Using in-network facilities and providers will cost you less than out-of-network services.

  Do you need another health savings account debit MasterCard?

If you need additional debit cards for a spouse or dependent child, complete an Additional Debit Card Request form.

  Important note about non-dependent children and HSAs

Health care reform legislation passed in 2010 allows adult children up to age 26 to be covered by parents’ health plans, including high-deductible plans. The tax laws regarding HSAs have not changed, however: A child must be a tax dependent for their medical expenses to qualify for payment or reimbursement from a parent’s HSA. Non-dependent children may be able to open and fund their own HSA. Consult a knowledgeable benefits consultant or tax advisor.

Don’t miss out!

To continue receiving important information on your HSA, make sure we have your current email address. Use the Account Login link at the top of this page to make updates.