Page 9 - Future Steps
P. 9
Optum Bank HSA Card
Your Optum Bank HSA account comes with a bank card which works
like a debit card. You will have access to the funds as they are deposited
into the account. NISC will be making monthly contributions, and any
employee contributions will be made through payroll deduction on a
semi-monthly basis. Using the card will eliminate the need to initiate
transfers to and from your account to reimburse medical expenses.
Making Payments with HSA Funds
The card can be swiped for qualiied medical, dental, or vision
expenses
Money can be transferred to a personal account in the amount of the
qualiied expense
Vendor information can be set up on the Optum Bank website and a
check will be sent to them in the amount of the qualifying expense
Employees are responsible to retain receipts for proof of qualifying
expense
Managing Your Account
Current HSA participants will continue with the same account
New participants will receive an email from Optum Bank explaining
how to set up your account
A balance in the account over the amount of $2,500 can be invested
Employees can make investment decisions through the online portal
Growth in HSA balances is not subject to tax
Optum Bank imposes a monthly fee for an account with a balance
below $2,500; fees will be deducted automatically from the account
balance; bank fees will not count toward the maximum annual HSA
contribution
9
Your Optum Bank HSA account comes with a bank card which works
like a debit card. You will have access to the funds as they are deposited
into the account. NISC will be making monthly contributions, and any
employee contributions will be made through payroll deduction on a
semi-monthly basis. Using the card will eliminate the need to initiate
transfers to and from your account to reimburse medical expenses.
Making Payments with HSA Funds
The card can be swiped for qualiied medical, dental, or vision
expenses
Money can be transferred to a personal account in the amount of the
qualiied expense
Vendor information can be set up on the Optum Bank website and a
check will be sent to them in the amount of the qualifying expense
Employees are responsible to retain receipts for proof of qualifying
expense
Managing Your Account
Current HSA participants will continue with the same account
New participants will receive an email from Optum Bank explaining
how to set up your account
A balance in the account over the amount of $2,500 can be invested
Employees can make investment decisions through the online portal
Growth in HSA balances is not subject to tax
Optum Bank imposes a monthly fee for an account with a balance
below $2,500; fees will be deducted automatically from the account
balance; bank fees will not count toward the maximum annual HSA
contribution
9
