Video Transcript: Optum Bank: Five Stages of Health Saving and Spending

Saving and spending for health care isn’t a sprint.

(Graphic of banner saying ‘saving & spending’ ripping in half)

It’s a journey. And you have questions. And you may not be sure where to begin.

Start with your OPTUMBank^® health savings account.

From the moment you decide to open your account— to maximizing your health care dollars, your Optum Bank HSA journey will take you through five stages.

(Graphic of 5 Stages include: Decide, Open, Use, Manage, Optimize)

(Stage 1- Decide)

Before you decide to open an HSA, find out if you’re eligible.

The main requirement is that you’re covered under a qualifying high deductible health plan, or HDHP. There are also additional requirements defined by the IRS.

(Graphic of additional requirements checklist include: Not enrolled in Medicare, not covered by any other health plan, covered under an IRS qualifying HDHP and may not be claimed as a dependent on another plan)

An HSA offers you an easy, convenient, income tax-free way to save and pay for qualified medical expenses for you and your eligible dependents.

You can make contributions with pre-tax dollars—so money goes in income tax-free.

And when the money is used to pay for qualified medical expenses-- it comes out income tax-free.

Your savings can also grow income tax-free.

Three very good reasons to say yes to an HSA!

(Stage 2- Open)

Now that you’ve decided to open your HSA, it’s time to get your account up and running!

There are just a few simple steps to complete an application.

(Graphic of blank checklist being checked off)

Or, your employer may have already opened your account for you.

(Talk to your employer or visit optumbank.com)

(Graphic of coins bouncing)

You’ll also need to decide how much to contribute to your account; up to the current IRS limit.

An easy way to contribute to your HSA is through payroll deductions, if your employer offers this option. Or - you can make a one time or recurring contribution to your account online.

Remember - you can stop, start or change your contribution amount at any time.

The best part? The money in your account rolls over from year to year. And it’s always yours to keep. Even if you change jobs or retire.

(Stage 3- Use)

Now it’s time to start using your HSA dollars to pay for qualified medical expenses.

It’s easy! You can use online bill pay or your Optum Bank HSA debit card.

(Graphic of cursor clicking on computer screen)

You can also log in to your account to request a reimbursement if you’ve already paid your bill out of pocket.

Questions? Online tools can keep you on track and help is always just a click away.

(Stage 4- Manage)

You’re doing a great job managing your HSA, way to go!

(Graphic of confetti flying)

You know making informed decisions at every stage of the journey is key to making the most out of your healthcare dollars.

Be sure to stay up to date with your account activity, view monthly statements and track your cash flow. Online tools can help you track your contributions and manage your receipts.

Also --- be sure to maximize your contributions. If you’re 55 or older, you can contribute an extra $1,000 annually as a catchup contribution.

(Stage 5 Optimize)

The fifth stage of your journey? Optimizing your health care dollars!

Once your HSA reaches a certain designated balance, known as the investment threshold, you can choose to invest a portion of your HSA dollars in mutual funds.

Unlike a 401k, if you happen to incur a large health expense—those dollars are yours to use at any time.

Save, invest and grow those dollars to help you build a nice nest egg for retirement.

Decide. Open. Use. Manage. Optimize. The five stages of your Optum Bank HSA journey.

For questions or to learn more, visit optumbank.com.

(OPTUMBank^® logo)

Disclaimer: Investments are not FDIC insured, are not guaranteed by OPTUMBank^®, and may lose value.

Heath savings accounts (HSAs) are individual accounts offered or administered by OPTUMBank^®, Member FDIC, and are subject to eligibility requirements and restrictions on deposits and withdrawals to avoid IRS penalties. State taxes may apply. Fees may reduce earnings on account. This communication is not intended as legal or tax advice. Federal and state laws and regulations are subject to change.