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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.

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.  

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. You can contribute a total of up to $3,600 for an individual or $7,200 for a family (including USG’s contribution).  

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

HSA reminders

  • Your HSA can only be used for qualified expenses. You can find a list on the IRS Website.
  • Need to reimburse yourself for an eligible expense? Log into the Optum Website and choose Make HSA transaction.
  • Questions about your Optum HSA Payment Card or account? Call 1-877-470-1771 Monday through Friday, 8 a.m. through 8 p.m. Eastern time.

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.