Health Savings Account (HSA)

Beginning January 1, 2020, Fidelity will be the custodian of your HSA contributions made through payroll. Please click here for instructions on how to open your Fidelity HSA. For specific questions about the transition of your HSA to Fidelity, please see our FAQ.

A Health Savings Account (HSA) is like a bank account specifically for health expenses.  When paired with a High Deductible Health Plan (HDHP), an HSA enables an employee to save money by using pre-tax funds to pay for eligible health, dental, and vision expenses.  Funds from the HSA that aren’t used up at the end of the tax year will roll over into future years and earn interest tax-free.  Your HSA funds belong to you and will go with you even if you change employers, become disabled, or retire.  After age 65, you may withdraw funds for any reason with no penalties. You will pay taxes on your withdrawals if used for non-eligible healthcare expenses.

You are eligible to open an HSA if:

  • You are not enrolled in Medicare
  • You are covered by an HSA-qualified HDHP, such as the health plan of The Navigators
  • You cannot be claimed as a dependent by another person
  • You are not covered by an additional, non-HDHP insurance program

2020 Maximum Contribution Amounts:
Individual Annual Maximum: $3,550
Family Annual Maximum: $7,100
Age 55+ Catch-Up Addition: $1,000

Questions? Check out the HSA FAQ page 

What can I spend my HSA funds on?
See the HSA Eligible Expense List

Contact Information for Optum Consumer Services:
https://mycdh.optum.com
healthaccountservicing@optum.com
877.470.1771 Available 24/7

Contact Information for Fidelity Investments:
www.netbenefits.com
1-800-343-0860

Once you are enrolled in the HSA through your benefit elections in Workday, Optum will send you a registration email with instructions on how to open and manage your account online.  Your HSA will be available to you once you activate your Optum account (after the first of the new year or the first of the month following your date of hire).  As it is a debit account, you will only be able to use the funds currently available in your account.  You will only be able to cover expenses incurred after your HSA was established.  Optum will send you a debit card after you open your account, or you can submit claims online for reimbursement.  Please contact Optum directly for assistance with your account.  If you would like to make a change to your HSA monthly contribution during the year, please contact benefits@navigators.org and we will make the change in Workday for you.  You will need to re-elect the HSA every year during Open Enrollment to continue the benefit.

Click here for a tutorial video on how to invest any HSA funds over the basic $2,500 balance.