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Health Savings Account

Save Money on Healthcare

If you enroll in the Consumer Choice HSA plan, you are eligible for a Health Savings Account (HSA) so you can set aside money for eligible healthcare, prescription, dental and vision expenses on a pre-tax basis. This means you pay less in federal, state and Social Security taxes.  

Health Savings Account

Contributing to an HSA allows you to set aside money for eligible healthcare, prescription, dental and vision expenses on a pre-tax basis. An HSA is different from a Flexible Spending Account (FSA) in three key ways:

  • Unlike the Healthcare FSA, money left in your HSA at the end of the year rolls over from year to year.
  • If you contribute to an HSA, USG provides matching contributions; $375 employee only and $750 for family coverage.
  • If you leave USG, your HSA balance goes with you.

Your HSA can only be used for qualified expenses. You can find a list on the IRS Website.

For more information about How HSAs work, why you should contribute, and the benefits of investing in an HSA, view the HSA/FSA documents on the guides and tools section of the USG Benefits website. 

HSA eligibility

To be eligible to contribute to an HSA, you must:

  • Be enrolled in the Consumer Choice HSA plan, which is a high deductible health plan.
  • Not be covered as a spouse or dependent under any other healthcare plan that is not a high deductible health plan.
  • Not be currently enrolled in Medicare or TRICARE.
  • Not be claimed as dependent on another person’s tax return.
  • Not be receiving medical benefits through the Veterans’ Administration (VA) during the preceding three months.

Note: You cannot contribute to a Healthcare Flexible Spending Account and Health Savings Account in the same calendar year.  

New Vendor Beginning January 1, 2022: 

  • HSA Bank is the new Health Savings Account vendor. All 2022 contributions will be sent to HSA Bank.
  • Action Required (January 21, 2022): If you have an existing balance with Optum Bank, you must approve the transfer of your HSA Balance from Optum to HSA Bank. To approve the transfer of your current HSA with Optum to HSA Bank, complete your approval here. Access Code: K22UH6
  • If you are an investor with Optum, you must also liquidate all of your investments to cash by 4 pm on January 31, 2022. Please see the HSA Investor Transition Instructions for step-by-step instructions on how to do this.
  • If you do not approve the transfer of your HSA Balance, you will remain with Optum Bank. However, you will be responsible for the monthly maintenance fee of $3.25/ month. Note: All 2022 contributions will be sent to HSA Bank.
  • To establish your Health Savings Account with HSA Bank, you must have a physical address on file. If you do not have a physical address on file (e.g., a P.O. Box only), you will receive an email from HSA Bank. It is important to provide HSA Bank with your physical address so we will not have any issues with depositing your 2022 contributions. Note: You can continue to receive your mail at your PO Box. Your physical address is only required to open your account.

Review the HSA Transition document for important dates and step-by-step instructions for approving the HSA Transfer. 

  • HSA Balance with Optum

    As a current Optum Bank Health Savings Account (HSA) holder, you may approve the transfer of your balance to HSA Bank or keep your account with Optum. 

    • To approve or deny the transfer of your current HSA with Optum to HSA Bank, complete your approval here. Access Code: K22UH6
    • If you are an investor with Optum, you must also liquidate all of your investments to cash by 4 pm on January 31, 2022. Please see the HSA Investor Transition Instructions for step-by-step instructions on how to do this.
    • If you do not approve the transfer of your HSA balance, you will have two HSA accounts. Additionally, you will be responsible for the monthly maintenance fee of $3.25/ month.

    If you approved the consent, you will continue to reimburse yourself and/or use your Optum Debit card through February 3, 2022. Your funds will be transferred as of February 18, 2022

  • 2022 HSA Contributions

    When you contribute to your HSA, USG will match your contributions dollar-for-dollar up to $375 for an individual or $750 for a family. In 2022, you can contribute a total of up to $3,650 for an individual or $7,300 for a family (including USG’s contribution).  

    If you have an existing balance with Optum Bank and you approve the transfer of your balance with Optum to HSA Bank, you may also be eligible for a one-time deposit of $50 (if eligible for HSA Contributions in 2022).  This contribution will also count toward the annual limit.  

    In order to receive the employer match, you must contribute to your HSA through USG payroll deduction. 

Frequently Asked Questions about the HSA Bank Transition

  • Why you should approve the transfer of your contributions to HSA Bank
    1. Earn a one-time deposit of $50 dollars. If you approve the transfer of your existing balance with Optum and you are eligible for HSA contributions in 2022,  HSA Bank will make a deposit into your account after the transfer is complete. You should see the deposit no later than March 1, 2022. Note: This contribution will count toward your annual contribution limit.
    2. One Account. All 2022 contributions will be deposited into your new account with HSA Bank. Transferring your balance will mean you have one account, one debit card, and one tax statement as of February 18, 2022.
    3. No Administrative Fees. If you move your account to HSA Bank, you will not have any administrative fees. However, if you decide to keep your account with Optum Bank, you will be responsible for a $3.25/month fee.
    4. More Investment Options. You will have the same investment threshold ($1000) but access to expanded investment options through Devenir and TD Ameritrade.
    • The Devenir Mutual Fund Investment Program 0.30% annual program fee has been waived for USG. On the HSA Bank website, the 0.30% annual program fee is mentioned, however, this fee has been waived for USG.
    • Trading fees may be applied by TD Ameritrade in the self-directed brokerage account
  • What do I need to do if I want to transfer my HSA Account Balance to HSA Bank

    To approve (or decline) to transfer your Optum Bank account to HSA Bank:

    • Access HSA Bank’s microsite and enter access code: K22UH6.
    • Enter your full name and Social Security number.
    • Read the ESIGN authorization and consent information.
    • Select “accept” or “decline.”

    If you don’t approve the transfer to HSA Bank by January 21, 2022, your funds will be moved into a retail account with Optum Bank and you’ll be responsible for applicable monthly fees ($3.25/month).

    Note: If you are an investor, you must also turn off your auto sweep and liquidate your investments with Optum Bank. See the HSA Transition document for step-by-step instructions. 

  • Key Transition Dates

    December 2021 - In two separate mailings, you will receive a welcome kit and your new HSA Bank debit card. 

    January 21, 2022 - Last day to complete the e-consent form with HSA Bank. If you decide to approve the transfer at a later date, you will need to complete a paper transfer form. All transfers approved by December 31, 2022, will still be eligible for the $50 deposit (if applicable)

    January 31, 2022 (4 pm EST)- Last day for HSA Investors to complete the following steps: 

    • Complete e-consent in the HSA Bank Microsite
    • Turn auto investment transfers to "Yes"
    • Increase investment threshold to $999,900

    February 4 - February 17, 2022 - Optum Bank Blackout Period. During this time, you will be unable to access your HSA contributions with Optum Bank. However, you will still have access to your 2022 HSA contributions. 

    February 18, 2022 - Your HSA Balance transferred from Optum bank will be available in your HSA Bank HSA account. 

  • Who to contact if you have questions about the HSA balance transfer

    If you have questions about your HSA Balance transfer contact HSA Bank at 1-833-228-9352. 

  • What if I believe I am eligible for the $50 deposit and I do not see it deposited into my account

    The one-time deposit of $50 will be placed into your account on or before March 1, 2022, after the HSA Transition has been processed. 

    • Employees who approved the transfer to HSA Bank and continue to contribute to an HSA in 2022, should see the deposit by March 1, 2022.
    • Retirees or employees who may be eligible for 2022 HSA contributions, but are not contributing in 2022, will need to request the deposit with HSA Bank after January 1, 2022.

    More details to follow. 

  • I have expenses in January, how do I access my HSA balance

    You will continue to have access to your HSA balance with Optum Bank through February 3, 2022. Therefore, if you have recurring debits coming out of your Optum Account or additional eligible expenses in January 2022, you can continue to use your existing balance until the Optum blackout period. 

    The only period of time that you will not have access to your current HSA balance will be from February 4 - 17, 2022. During this time, you will use any 2022 contributions deposited into your HSA Bank Health Savings Account.

  • I approved my consent, but I do not see my balance in my HSA Bank Account. When will my funds move

    When you approve the HSA Balance transfer consent, you are approving for your funds to move to HSA Bank at a future date (February 18, 2022). Therefore, you will continue to have access to your HSA balance with Optum Bank until the Optum blackout period (February 4 - 17, 2022). 

    Remember, you will still have access to any 2022 deposits in your HSA Bank account.

  • I have not received my HSA Bank welcome Kit or Debit Card

    If you opted to contribute to your Health Savings Account for 2022, you should have received your welcome kit and debit card. If you have not received your HSA debit card, you should contact HSA Bank at 833-228-9352. 

    Note: If you do not have a physical address, you must contact HSA Bank to provide a physical address. Until you provide a physical address, HSA Bank cannot establish your account. You can continue to have a PO Box as your mailing address.  

    If you approved the transfer of your account to HSA Bank, but are not contributing to the HSA for 2022, you have not received your Welcome Kit and Debit Card. We are working to update your account and you will receive your Welcome Kit by February 18, 2022.

When You Reach Age 65

You can still contribute to an HSA if you are actively employed at age 65, as long as you are not enrolled in any Medicare coverage (Part A, B, D, etc.). To continue contributing to your HSA, you will have to contact Medicare prior to your 65th birthday to make sure you are not automatically enrolled in Medicare Part A.  

Once you turn age 65, your HSA funds may continue to be used for qualified expenses, or as supplemental income that will be taxed but not subject to a penalty. However, once you enroll in Medicare, you are not eligible to contribute to an HSA.