//Health Savings Account

If you elect to enroll in a high deductible medical plan, you qualify to enroll in a Health Savings Account (HSA). An HSA serves as a spending account for current eligible medical, dental, and vision expenses. CompuGain has partnered with OPTUM Bank to offer our employees the option to open an HSA.

Please note that your OPTUM Bank account is an individually-owned bank account and you must take action to open an account. All applicants must go through a mandatory bank screening process, commonly referred to as “vetting”. This is required as part of the U.S. Patriot Act. OPTUM Bank will work directly with you if there are any issues. Due to privacy restrictions, specific account information may only be discussed between you and the bank.

Limits 2016 2017
Individual/Family $3,350/$6,750 $3,400/$6,750
Catch-up Contributions (Age 55+) $1,000 $1,000

With an HSA, your funds roll over each year. At age 65, you can withdraw the funds for any reason and pay the normal federal and state taxes.

Eligibility

An eligible individual is anyone who is covered under a high deductible medical plan. Non-eligible individuals are those currently enrolled in Medicare or TRICARE, have received medical benefits through the Department of Veterans Affairs (VA) during the preceding three months, or are claimed as a dependent on another person’s tax return.

If you have enrolled in a high deductible medical plan, you cannot simultaneously enroll in the Standard Medical Flexible Spending Account and the Health Savings Account. You may enroll in the Limited Purpose Medical FSA which limits your eligible FSA medical expenses to dental and vision.

Enrollment

If you elect to enroll in an HSA you will need to activate your account in order to access your funds. You may activate your account online or complete the OPTUM Bank Application included in a link below. Enrolling online is simple and straight forward (only complete online enrollment once you have received confirmation from CompuGain that your medical enrollment has been completed):

Go to https://enrollhsa.optumbank.com/hsaAppWeb/WelcomeAction.do.

What you will need:

  • Your Social Security number
  • Your email address
  • The group number from your health insurance card
  • An identification number from another form of ID, such as your driver’s license, state-issued identification card or passport

Pre-tax Payroll Contributions

For the convenience of our employees, CompuGain permits employees to voluntarily deduct funds on a pre-tax basis from their paychecks to fund their Health Savings Account (HSA). Although CompuGain handles the deduction and transmits the funds to OPTUM Bank, all aspects of managing and maintaining the HSA are the responsibility of the employee.

In order to elect to have pre-tax payroll contributions deducted from your pay checks please complete the Health Savings Account Employee Authorization Form for Payroll Deduction. This is included in the links below. You should complete this form only after you have received confirmation from OPTUM Bank that your account has been activated.

Please use the following information for enrollment:

Group Number: M25200

HDHP Effective Date: your 1st day of coverage under the medical plan

Important Links:

HSA Guide

OPTUM Bank HSA Account Fee Schedules

HSA Employee Authorization Form for Payroll Deductions