Page 13 - Guide
P. 13
3 Ways to Maximize Your Tax Savings 2017 Beneits Enrollment
X Contributions to an HSA are tax-free (they can be made through payroll
deduction on a pre-tax basis when you open an account with Optum Bank)
X The money in this account (including interest and investment earnings) grows
tax-free
X As long as the funds are used to pay for qualiied medical expenses, they are
spent tax-free
There are strict regulations governing participation in HSAs and the use of HSA
funds. If you use HSA funds for non-qualiied expenses, such as health insurance
premiums, you will be required to pay income tax on the amount used for non-
qualiied expenses as well as a 20% penalty. Note if you wish to use your HSA to
pay for eligible over-the-counter medications, the medication must be prescribed by
a doctor; otherwise it will be considered a non-qualiied expense. More about HSAs
can be found at www.optumbank.com.
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X Contributions to an HSA are tax-free (they can be made through payroll
deduction on a pre-tax basis when you open an account with Optum Bank)
X The money in this account (including interest and investment earnings) grows
tax-free
X As long as the funds are used to pay for qualiied medical expenses, they are
spent tax-free
There are strict regulations governing participation in HSAs and the use of HSA
funds. If you use HSA funds for non-qualiied expenses, such as health insurance
premiums, you will be required to pay income tax on the amount used for non-
qualiied expenses as well as a 20% penalty. Note if you wish to use your HSA to
pay for eligible over-the-counter medications, the medication must be prescribed by
a doctor; otherwise it will be considered a non-qualiied expense. More about HSAs
can be found at www.optumbank.com.
13
