A health savings account (HSA) puts you in charge of saving and paying for health care costs. You decide how much to contribute and how to use the funds. With this control and flexibility come a few things to keep in mind.
Commit to savings
Start a savings plan for your health. Open an HSA soon after your coverage with an HSA-qualified high-dedutible health plan begins. Check to see if your employer offers payroll deduction. Or, arrange to make regular deposits yourself. Deposits may earn interest and earnings grow tax-free.
IRS reporting
It’s up to you to keep track of receipts, statements, etc., for expenses you pay from your HSA. You may be asked to verify for the IRS that you used the funds for eligible medical expenses or that your health plan is an HSA-eligible plan.
Contribution limits
Contributing the total allowed by law each year lets you get the most tax savings. Plan your contributions carefully, though, so that you don’t exceed the annual limit. You will be assessed standard tax rates plus a 6 percent penalty on the excess amount. Remember, employer or others’ contributions count toward the annual limit.
Beneficiary designation
Designate a beneficiary when you open your account. If you’re married, for example, you may want to designate your spouse as beneficiary so any funds in the account are available immediately for your spouse’s or any dependents' eligible medical expenses. Failure to designate a beneficiary means your HSA funds will become part of your estate.
Track your account
Check your monthly statements to keep track of your spending and your balance.
Health savings accounts are offered by OptumHealth Bank, Member FDIC, and are subject to eligibility. 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 regulations are subject to change. Please check your health benefit plan materials to determine whether your employer will make supplemental contributions to your HSA.
If you have or choose a high-deductible health plan, make a health-wise investment by adding an HSA. Your employer may offer an HSA as part of your health and wellness benefits. Or, you can open one on your own. 
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