Optum Financial Health Savings Account
A Health Savings Account (HSA) will be opened at Optum Financial for Consumer Choice participants who indicate that they are HSA eligible. An HSA is a special bank account designed to help you save money tax-free for use on qualified medical expenses for you and your family, including services and items not always covered by your medical plan.
|
All Employees
|
|
|---|---|
|
Employee Only Coverage
|
$500
|
|
All Other Coverage Levels
|
$1,000
|
Health Savings Account
Key benefits of an HSA include:
- You can sign up for pretax payroll deductions to make tax-free contributions to your HSA. (Personal contributions are not required to receive the employer contribution.)
- Eligible ORNL employees additionally benefit from ORNL contributions to HSAs.
- In 2024, you can add up to $4,150 (Employee Only) or $8,300 (Employee + 1 or more) to your HSA through ORNL and personal contributions; if you’re over age 55, you can contribute an additional $1,000.
- There are no use-or-lose rules. The funds in your HSA roll over each year and are yours to keep, even if you change health plans, change jobs, or retire.
- You can save or invest any unused funds and earn tax-free interest.
Important: To open an HSA, you must enroll in Consumer Choice and be eligible to open an HSA under IRS requirements. Who is eligible for an HSA?
New enrollees in Consumer Choice with HSA will be required to accept the Optum Financial “HSA Agreement” on the ADP website in order to open their Health Savings Account. Current HSA participants will be required to accept the Agreement in order to elect their employee contributions for 2024.
Remember: Opening an HSA is separate from contributing to your HSA. Whether you’re a new or returning enrollee, if you want to make personal contributions in 2024, you’ll need to set your annual contribution amount during Open Enrollment.
- In order for your HSA contributions via payroll deduction to begin in January, you must set your annual contribution amount during Open Enrollment.
- To sign up for pretax payroll deduction log in to your benefits dashboard via the ADP Portal. For assistance, contact the ORNL Benefits Service Center (via ADP).
- Personal contributions are always optional. Your HSA will remain open and benefit from any ORNL contributions that apply to you, even if you personally contribute nothing.
- You may change your annual contribution amount any time during the year by declaring an HSA Election Life Event on the ADP Website. Changes made during the year will be effective on the first day of the month after the election is made at ADP.
Tools & Resources
- Find out how you can benefit from a HSA: All Employees
- Optum Financial: How to use a HSA (video)
- Optum Financial: Tax time and your HSA (video)
- Optum Financial: Five stages of health saving and spending (video)