OptumHealthBank.com - Tax Information

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Track your expenses with our Expense Tracking Worksheet (PDF)

NEED TO KNOW

You can't contribute to your HSA if you're no longer covered by a high-deductible health plan. But, you can use funds in your HSA to pay for qualified medical expenses tax-free.

Tax Information

You get triple tax savings with your HSA because:

The money you put into your HSA is tax deductible.
Your savings grow income-tax free.
You don't have to pay income taxes on withdrawals used for qualified medical expenses.

With the tax benefits comes the need to report HSA activity to the IRS and keep track of your spending in case you have to prove you used funds for eligible medical expenses.

Reporting to the IRS
It's up to you to keep track of your expenses and report any funds you use for ineligible medical expenses.

Important Forms
There are three tax forms you'll need to file your taxes: IRS Form 1099-SA, IRS Form 5498-SA and IRS Form 8889.

State Tax Information
Each state can decide to follow the federal tax guidelines for HSAs or establish its own.

Helpful Information from the IRS

Visit the IRS website to read its guide, "Health Savings Accounts and Other Tax-Favored Health Plans (IRS Publication 969)"

Health savings accounts (HSAs) are individual accounts offered by OptumHealth Bank^SM, Member FDIC, and are subject to eligibility and restrictions, including but not limited to restrictions on distributions for qualified medical expenses set forth in section 213(d) of the Internal Revenue Code. This communication is not intended as legal or tax advice. Please contact a competent legal or tax professional for personal advice on eligibility, tax treatment, and restrictions. Federal and state laws and regulations are subject to change.

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