Optum Bank is an industry leader in providing Health Savings Accounts (HSAs).

An HSA allows you to save money with significant tax advantages: your contributions, earnings and withdrawals are tax free, as long as you use the funds for qualified health-related expenses.

You are eligible for an HSA if you are covered by a qualified high deductible health plan. Take advantage of the account: improve your personal wellbeing by getting the care you need, and improve your financial wellbeing by using tax-free dollars to pay eligible expenses.

What happens to my remaining balance at the end of the year?

Any remaining balance automatically rolls over year after year.

Who can I use HSA funds on?

HSA funds can be used to cover eligible expenses for the account holder (you), your spouse and any tax dependent children, even if they are covered under a different health plan.

Who is eligible for an HSA?

You must be participating in a qualified high deductible plan and cannot be covered by any other health plan that is not a qualified high deductible plan. You also cannot be currently enrolled in Medicare or TRICARE, and cannot be claimed as a dependent on another individual’s taxes.

Can I invest my HSA dollars?

Yes. Once your account balances reaches the investment threshold ($2,000), funds over that amount can be invested.

How much can I contribute to my HSA?

Contribution limits are determined by the IRS. For 2024 the individual maximum is $4,150 and for family coverage it will be $8,300. (Individual meaning you cover only yourself on the medical plan; you can contribute the family amount if you enroll other eligible dependents on your medical plan.) Individuals over age 55 are able to contribute an additional $1,000 per year.

Can I roll a previous employer’s HSA into the Parsons’ HSA with Optum Bank?

If you have an existing Health Savings Account from a previous employer, you can move any remaining funds to your HSA with Optum Bank. Consolidating your accounts may help eliminate administrative fees imposed by your previous bank. Click Here for the rollover form.

Ready to enroll?

Talk to ALEX to see which plan is best for you and visit Workday to learn more and enroll in your benefits.

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