Individual HSA2021-07-01T12:50:26-04:00

Individual Health Savings Account (HSA)

Health Care Savings
+ Financial Well-Being

Open a Optum Financial HSA so you and your family can save money on medical expenses now and meet your financial goals for the future.

What’s an HSA?

Your Savings Vehicle for Current and Future Health Care Needs

An HSA—formally known as a health savings account—lets you easily set aside money to cover thousands of eligible health care expenses for you and your family. The money that you contribute toward your account qualifies for tax savings right from the start, so you can make the most out of every dollar saved. What's more, unused dollars can be invested and tucked away for retirement savings.* 

Take an important step towards financial freedom and
open your account

How do I save?

Triple Tax Savings

Good Things Come in Threes!

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  • OneG

    The money you put into your HSA is done so on a tax-deductible basismeaning savings come tax time!**

  • TwoG

    You earn interest on your HSA savings, which is never taxed by the IRS. And if you choose to invest from our list of nationally recognized mutual funds, the IRS doesn't tax those earnings either!

  • ThreeG

    You can use your HSA funds to cover thousands of eligible medical items and services—all tax free!

  • The money you put into your HSA is done so on a tax-deductible basis—meaning savings come tax time!**

  • You earn interest on your HSA savings, which is never taxed by the IRS. And if you choose to invest from our list of nationally recognized mutual funds, the IRS doesn't tax those earnings either!

  • You can use your HSA funds to cover thousands of eligible medical items and services—all tax free!

Ready to take the next step?

Sign up today and open a new HSA account in just a few minutes!

How can I use my HSA?

Your HSA is Yours to Own, Control, and Grow!

The dollars you contribute to your account roll over year after year. There's no "use it or lose it" requirement here!

Whether you take one step as a saver, two steps in spending on eligible medical expenses (while saving on taxes), or all three steps in choosing to invest your funds, you are in total control of your account.

Individual Health Savings Account - save
Individual Health Savings Account - shop
Individual Health Savings Account - invest

Simply fund your HSA and you're on your way.


Make eligible medical purchases and manage your account with ease.


Maximize your savings potential and get that retirement nest egg ready.***

How do I qualify?

HSA Eligibility

To open an HSA, you must be enrolled in a High Deductible Health Plan (HDHP), a plan with a higher deductible than a traditional insurance plan. This is where an HSA becomes quite useful.

To qualify for a health savings account, you must meet all these requirements:

  • Must be covered by a High-Deductible Health Plan (HDHP)

  • Cannot be claimed as a dependent on someone else’s tax return

  • Cannot have any other health coverage, including: enrollment in another health plan, Medicare, or military/veteran health benefits

Individual Health Savings Account - card
What’s covered?

Qualified Health Savings Account Expenses

You can use your HSA to pay for thousands of qualified medical expenses and out-of-pocket medical costs, including:

How does it benefit me?

Health Savings Account Advantages

card - Individual Health Savings Account
  • You’re in Control

    You choose how much to contribute and when to use your funds, keeping you in command of health care spending.

  • More Money in Your Pocket

    Triple tax advantages with tax-free contributions, gains, and withdrawals.**

  • Freedom & Flexibility

    We've got you covered! Continue your savings journey without skipping a beat during job changes, relocations, family expansion, or whatever life brings your way.

  • Keep Your Money

    Your HSA contributions roll over year after year, helping you build your retirement nest egg.

  • On-the-Go Access

    Easily access your account balance and make investments through Optum Financial's mobile app.

How can I maximize my HSA?

Health Savings Account Resources


Calculate your HSA growth

Mobile App

Manage your HSA account

HSAs For Dummies®

Access our in-depth HSA eBook

HSA Videos

Why is it for you?

Where can I learn more?

Frequently Asked Questions

There is a $3.00 monthly maintenance fee upon opening a Optum Financial individual health savings account. This fee is automatically deducted from your account each month, as an eligible plan expense by the IRS.  

The fee—competitive with industry rates—not only ensures account maintenance and real-time transaction and balance information, but serves to provide you access to a variety of additional member benefits, including but not limited to:  

  • Award-winning educational HSA resources 
  • A user-friendly, on-the-go mobile application 
  • Easy-to-use investment tools 
  • 24/7 customer support to make it easy for you to save, fund, and invest for your future. 

You own and control the money in your HSA, and contributions roll over year to year. On the contrary, a flexible spending account, or “FSA,” is less flexible (despite the name), as the account is owned by an employer, and funds not spent by the end of a plan year could be forfeited (unless a plan has a grace period or rollover option).

With an HSA, decisions on how to spend funds are made by you without relying on a third party or a health insurer. You also decide what types of investments to make with the money in your account. 

There are thousands of items and services that are approved health care expenditures under IRS Code Section 213(d) Eligible Medical Expenses. (View a sample list of eligible HSA expenses here.)   

HSAs can cover out-of-pocket prescription costs, medical copayments or coinsurance, long-term care costs, dental care, and vision care. Your HSA dollars can also be used to pay for some post-tax insurance premiums, like COBRA and long-term care premiums. Additionally, in March 2020, the U.S. Government passed the CARES Act, which includes over-the-counter items as eligible expenses for coverage without a prescription or letter of medical necessity from a physician.  

You have several funds to choose from, with offerings across a variety of recognized fund classes. Once signed up for an individual health savings account with Optum Financial, you can elect and manage your investment options through our easy-to-use investment tool. Additionally, you may choose to set up automatic investment of your HSA funds according to your preferences.
It’s great we’ve piqued your interestTo take advantage of a health savings account, you must be covered by a qualifying High Deductible Health Plan (HDHP). Further, you can’t be claimed as a dependent on someone else’s tax return, nor can you be enrolled or covered under any other types of health care coverage, such as Medicare or military/veteran health benefits.  
A HDHP generally costs less than what traditional health care coverage costs, so the money that you save on insurance can then be put into your HSA. 

In 2021, the maximum contribution for an individual with single coverage is $3,600, and the maximum contribution for an individual with family coverage is $7,200.

Individuals age 55 or older (and not yet enrolled in Medicare) can make additional “catch-up” contributions of up to $1,000 per person each year, which can provide extra help to many early retirees.

Congratulations on taking that first step towards healthy savings!  While there is no limit to the number of health savings accounts an individual can own, your annual contributions across all of your accounts can’t exceed the IRS maximum contribution amounts for individual or family coverage in a given tax year. This includes any employer contributions made to your employer-based health savings account, as well as any contributions you make to your individual health savings account. 
There is no minimum balance required to establish a health savings account with Optum Financial, so you can fund your account with as little or as much as you would like (within IRS annual contribution limits) when you are ready. And it’s ok to start off small! Once your account balance exceeds $1,000 dollars, you’ll be able to invest your HSA funds, maximizing your health care savings nest egg.   

Ready to Get Connected?

Open a new health savings account within minutes!

Getting started couldn't be easier. Save on medical expenses now ... and for the future!

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Have questions? Need help?

*Investment funds are not Federal Deposit Insurance Corp. (FDIC) insured, not bank issued or guaranteed, and are subject to risk, including fluctuations in value and the possible loss of the principal amount invested. Please consult your financial planner for more information.

**For more information, please contact your tax advisor or refer to IRS Publication 969 at States may have different or additional tax rules regarding HSAs. Always refer to your state’s tax guidance regarding HSA filing and taxation.

***ConnectYourCare is not a broker-dealer or registered investment advisor, and does not provide investment advice or research concerning securities, make recommendations concerning securities, or otherwise solicit such transactions. The HSA investment program is an optional, “self-directed” product, i.e., the decision to invest a portion of your HSA cash balance into HSA Investment Account, if at all, and which HSA Investments to choose are solely within your discretion and at your direction. Before you make any investment, you should carefully review the mutual fund’s prospectus and consider its objectives, associated risks and any fees or expenses that may apply. Investing entails the risk of loss of principal.

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