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If you enroll in a High Deductible Health Plan, you may be eligible to open a Health Savings Account (HSA) with Optum Bank.
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Health Savings Account
An HSA helps you pay for out-of-pocket costs and save for future medical expenses with before-tax contributions. The money in your HSA is yours to keep, and any leftover balance at the end of the year rolls over to the next year. You can also use it for eligible expenses during retirement.
HSA Eligibility
Optum Bank HSAs are FDIC insured bank accounts that you can use to pay for qualified health expenses for yourself and your covered dependents tax-free. To be an eligible individual and qualify for an HSA, you must meet the following requirements, as defined by the IRS:
- You must be covered under a high deductible health plan (HDHP) on the first day of the month.
- You have no other health coverage except what is permitted by the IRS.
- You cannot be claimed as a dependent on someone else’s tax return.
- See IRS Publication 969 for more information.
- You are not enrolled in Medicare. (For additional information on HSA eligibility and Medicare, view the Optum flier here.)
Personal Contributions
Contributing to your Health Savings Account (HSA) directly from your paycheck on a pretax basis is a smart way to save for medical expenses. By doing so, you reduce your taxable income, which can lower your overall tax liability. This means more of your hard-earned money goes towards your healthcare savings rather than taxes. Additionally, pretax contributions to your HSA grow tax-free, allowing you to build a substantial fund for future medical costs. This approach not only helps you manage current healthcare expenses but also prepares you for potential costs in retirement, providing peace of mind and financial security.
HSA IRS Annual Maximum ($1,000 Catch up for 55+) | Schreiber Wellness Contribution | Maximum amount to elect in 2026 if you plan to earn the wellness incentive |
|---|---|---|
| Single: $4,400 | $600 | $3,800 |
| Family: $8,750 | $1,200 | $7,350 |
Company Contributions
If you enroll in a High Deductible Health Plan and the HSA, you have an opportunity to earn the Schreiber funded wellness incentive. Partners who complete an annual wellness exam with a primary care provider between December 1, 2025, and November 30, 2026, and are enrolled in a Schreiber medical plan, are eligible for a Schreiber-funded Wellness Incentive. To learn more about earning the wellness inventive, click here to view the program page.
Saving for Retirement
You can benefit from tax-free, compound interest by investing part of your HSA through Optum Bank. Growing your HSA will help you prepare for rising healthcare costs as you get older. If you don’t have healthcare expenses, you can withdraw HSA funds without penalty as taxable income when you turn 65. Optum Bank has a calculator to estimate your potential healthcare costs in retirement and how much you will have at retirement based on your HSA saving habits.
You can reach Optum Bank by calling (866) 234-8913. For more detailed information, please click here to view the Health Savings Account FAQ.
