Health Savings Account (HSA)
Ancestry’s HSA contribution
Here’s a breakdown of the annual / monthly contribution:*
* Employer contributions to your HSA are deposited each pay period.
For 2023, you can contribute up to the annual IRS limit of $3,850 for individuals or $7,750 for family coverage (this amount includes Ancestry’s contribution). If you are 55 and over, you can contribute up to the annual IRS limit of $4,850 for individuals or $8,750 for family coverage (this amount includes Ancestry’s contribution).
To be eligible for an HSA, you must be enrolled in a High Deductible Health Plan (HDHP), and you may not:
- Have a Health Care FSA (including your spouse’s or domestic partner’s FSA)
- Be claimed as a tax dependent
- Be enrolled in Medicare, Medicaid, or TRICARE
- Be enrolled in any other medical plan that’s not a High Deductible Health Plan (HDHP)
How the HSA Works
- First-time users should register at optumbank.com. After registering at optumbank.com, you’ll be able to access your HSA through myuhc.com.
- You can change your contribution amount or stop contributing at any time.
- It’s like a bank account, that you manage, to pay for your healthcare expenses.
- You can use your HSA debit card to pay for eligible expenses or reimburse yourself for payments you’ve made (only money you’ve already contributed can be spent).
- Any unused money can be carried over each year and invested for the future—you can even take it with you if you leave your job or retire.
- You still have the option to contribute to a Limited Purpose Flexible Spending Account (LPFSA) for additional tax savings. Please note that LPFSA funds can only be used for dental and vision expenses.
- You will receive an email from Optum Bank that will ask you to confirm your identity or address before you can utilize the account. If you don’t confirm your identity or address in a timely manner, funds may be forfeited and/or any Ancestry contributions may be delayed.
Watch the videos below to understand more about the Health Savings Account (HSA) to determine if one of the HDHP medical plan options may be right for you.
How HDHP with HSA works
HDHP vs Traditional PPO
Comparing HSA and FSA
Plan/Group Number: 743256
First-time users: Register at optumbank.com. After registering, you can then access your HSA through either optumbank.com or your myuhc.com account.
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