Tag Archives: Optum Bank

Five things every employer should know about HRAs and HSAs

You may or may not be familiar with health savings accounts (HSAs) and health reimbursement arrangements (HRAs). And although they sound similar and both allow for tax-free reimbursement of qualified medical expenses, they are very different when you look at them closely. Here are the differences between and HSA and HRA. Does the account need […]
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Three important tips for high-deductible plans

In 2014, the average person with a single-coverage, employer-sponsored plan had a $1217 deductible.1 According to a recent Commonwealth Fund study, more than 20% of insured adults ages 19-54 spend at least 5 percent of their income on out-of-pocket medical costs – not including premiums. Of that same group, 13% spend at least 10 percent […]
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Tell your employees: it’s not too late to maximize the HSA contribution

As 2014 draws to a close, it’s a good time to remind employees to maximize their health savings account (HSA) contribution to leverage the account’s tax benefit. Under-contributing to an HSA is a common health benefits mistake employees make and one that can be avoided. The IRS sets the guidelines for how much employees can contribute […]
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The HSA as a retirement planning tool?

You know that the health savings account (HSA) that accompanies your employees’ high deductible health plan can help cover qualified out-of-pocket medical costs. But did you know that the HSA also can be used as a retirement vehicle? It’s true. In fact, according to the Employee Benefit Research Institute a person contributing for 40 years […]
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