You need health care. Why not save some money when you pay for it? The Health Savings Account (HSA) allows employees enrolled in the UnitedHealthcare Choice Plus High Deductible plan to set aside pretax dollars to use for health care expenses. You contribute to the HSA, and the money is yours to keep, even if you leave Autodesk. Bonus: The HSA makes for a great long-term investment tool.
6 reasons to consider the HSA
Use it as needed. You can use the HSA to pay for eligible expenses for you and your dependents, including medical, prescription, dental, and vision deductibles; coinsurance; and copays.
Save on taxes. You save on federal taxes* three ways:
- Contributions you make to your HSA aren’t taxed.
- You’re not taxed when you withdraw money for qualified health care expenses.
- Any interest and investment earnings grow tax-free.
Get free money from Autodesk. Autodesk contributes money to your HSA each pay period. These contributions will total $750 for single HDHP coverage or $1,500 if you cover others, assuming you’re enrolled for the whole year. If you do not participate in the HSA for the full calendar year, these totals will be lower.
Use it now or later. You control the money in your HSA. Use it to pay current eligible health care expenses or save it for future needs, such as in retirement.
Invest your balance. Once your balance reaches $2,000, you can invest the funds in your account to potentially grow your balance even more.
Change your mind. You can start, stop, or change contributions at any time.
* In California and New Jersey contributions and earnings from an HSA are subject to state taxes.
Want to learn more about the HSA?
Visit the Optum Employee Resources site to view videos and webinars, find online tools and resources, and more!
Of course, a tax-advantaged deal as great as an HSA comes with a few rules from the IRS. To be eligible, you must be enrolled in a high deductible plan, and you cannot be:
- Covered under another medical insurance plan that is not HSA-eligible
- Enrolled in a general purpose health care flexible spending account (FSA)
- Enrolled in Medicare
- Claimed as a dependent on someone else’s tax return
How much you can contribute
The IRS sets HSA contribution limits every year.
In 2022, you can contribute up to $3,650 for individual coverage and up to $7,300 for family coverage. If you’re 55 or older, you can throw in an additional $1,000. Keep in mind the contributions Autodesk makes on your behalf are included in these maximums. Note to employees with a domestic partner enrolled in the HDHP: You can contribute to the HSA at the $7,300 level, but you cannot use any HSA funds for your domestic partner’s health care expenses unless your domestic partner qualifies as an IRS tax dependent.
Want to change your HSA contribution?
You can start, stop, or change your contributions at any time through Workday.
The IRS determines which expenses are eligible for reimbursement under the HSA. Here are just a few expenses you can use your HSA for:
- Doctor and hospital visits (copays and coinsurance)
- Prescription drugs
- Over-the-counter medications, without a prescription
- Hearing aids and batteries
- Fertility treatment
- Lab fees
- Vision exams
- Eyeglasses, contact lenses, and contact lens solution
- Dental treatments
- Feminine care products
View the full list of HSA-eligible expenses.
Save your receipts
When you use your HSA to pay for an eligible expense, make sure you keep the receipt. You may need to prove that the money was used for an eligible expense.
It’s easy to use your HSA
After you make your HSA election, you’ll need to wait for your information to be transferred to Optum Bank before you can log in. When you receive your welcome packet from Optum Bank, you’ll know your account is open, and you’ll be able to start paying for qualified expenses with your Optum Bank debit Mastercard. You can use your debit card at a doctor’s office, pharmacy, or anywhere Mastercard is accepted.
Visit Optum Bank to pay bills, view recent account activity, link to your investment account, view and download monthly statements, and more.
Manage your HSA on the go
Just download the Optum Bank app. You can pay bills, view transactions, upload receipts, and more.