With enrollment in the Ohio Med HDHP (high deductible health plan), a Health Savings Account (HSA) is a personal bank account that is funded by employee contributions on a federal tax-free basis to help pay for eligible medical expenses.
Why an HDHP with an HSA may be the right choice for you
ABOUT THE CONTRIBUTIONS
HSA Employee Contribution
The HSA contribution limit for individual coverage is $3,600, and the limit for family coverage is $7,200.
If you are 55 years of age or older, you may make a catch-up contribution of $1,000.
HSA State Contribution
State contribution to your HSA will get you started
To help get your HSA started, the State of Ohio will make contributions to your HSA if you select the Ohio Med HDHP option. If you are eligible to, and enroll in, the Ohio Med HDHP option, you will receive the State contribution for each year you are enrolled. The State contribution counts toward your annual maximum.
For new hires, the first contribution may be prorated based on the date of hire.
| STATE OF OHIO'S CONTRIBUTIONS TO HELP START YOUR HSA |
| 2021-22 Plan Year Installment Schedule |
Single/Family |
| July 2021 |
$500/$1,000 (Prorated for new hires) |
| January 2022 |
$500/$1,000 (Prorated for new hires) |
HSA OVERVIEW VIDEO
What is an HSA? (Video)
In the video:
- Overview: Learn about the purpose of an HSA, how to use it and how it works
- Qualified medical expenses: Learn which medical expenses your HSA funds can help cover
- Eligibility: Find out how to qualify for an HSA and who qualifies to use HSA funds
OPTUM BANK STATE OF OHIO EMPLOYEE SITE
OptumBank.com/MyOhioHSA
On the site:
- Qualified medical expenses: Find out what you can buy with your health account
- Health Savings Checkup Tool: This educational tool is designed to estimate health care costs during retirement
- Resource videos: View 19 brief videos to help determine if the HSA best for you
- "OK, Google" or "Hey, Alexa": Connect Optum Bank with Google Home or Amazon Fire device