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About the Health Savings Account

Save Smart with a Health Savings Account

For those in the Ohio Med HDHP medical plan option only

The health savings account (HSA) is an account that is funded by employer and employee contributions on a pre-tax basis to help pay for eligible medical expenses, including deductibles and coinsurance. The HSA is only available as part of the Ohio Med HDHP (high deductible health plan) option and automatically comes with the HDHP; the two cannot be separated.

Why an HDHP with an HSA may be the right choice for you (PDF)

An HSA is set up online through Optum Bank (a part of Optum Financial), OptumBank.com, similar to a bank account at a brick-and-mortar bank. An HSA is your personal bank account and allows you to manage your funds.

  • HSA funds are yours to keep.
  • There is no “use it or lose it” rule at the end of the year.
  • HSA funds stay with you even if you change jobs, leave employment with the State of Ohio or retire.
  • After reaching an investment threshold of $2,100, you can:
    • Invest in the mutual funds offered from Optum Bank.
    • Move investments from various funds.
    • Transfer money between your HSA and your investment account.

Through Optum Bank, employees enrolled in the Ohio Med HDHP will be able to access their HSA as well as utilize the following:

  • HSA calculators.
  • A Health Savings Checkup tool.
  • A health account comparison tool.
  • Videos and webinars.

HSA Employee Contribution

From Jan. 1, through Dec. 31, 2021, 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. When enrolled in the HDHP, your monthly premium will be lower. You can use these savings to contribute to the HSA.

To help get your HSA started, the State of Ohio will make contributions to your HSA if you select the Ohio Med HDHP option. The employer contribution is prorated for new hires. If you are eligible for, and enroll in, the Ohio Med HDHP option, you will receive the employer contribution for each year you are enrolled. The employer contribution counts toward your annual maximum. For new hires, the first contribution may be prorated based on the date of hire.

HSA Employer Contribution Schedule for the 2021-22 Plan Year

July 2021: Single: $500, Family: $1,000

January 2022: Single: $500, Family $1,000

Contributions are prorated for new hires.

3 Ways to Receive Tax Savings

Typically, you:

  • Won’t pay tax on money deposited in the HSA (although the IRS limits how much can be contributed each year).
  • Won’t pay tax on qualified medical expenses, including dental and vision expenses.
  • Grow your savings tax-free, which can be used for expenses now or in retirement.

Easy Access to Your Account
Through the Optum Bank mobile app or website, you can:

  • Track balances and transactions.
  • Make an HSA contribution.
  • Capture and submit receipts.
  • Learn how to maximize your HSA.

For more information, go to optumbank.com/myohiohsa.