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Health & Wellbeing

Health Savings Account (HSA) Offered Through Optum Bank

An HSA is a personal, tax-advantaged account you can use to pay for qualified medical, prescription, dental, and vision expenses, both now and in the future. You must be enrolled in an HSA-eligible medical plan to participate, and your account will be set up with Optum Bank.

Why it’s valuable:

  • NVA contributes to your HSA every pay period, no matter how much you contribute
  • You can add your own pre-tax contributions up to IRS annual limits
  • Funds roll over from year to year and stay with you even if you change jobs
  • Once your balance grows, you can invest your HSA dollars for long-term savings, including retirement

Catch-Up:

  • If you are aged 55 or older, you can contribute an extra $1,000
  • How it works: You can use only the balance available in your account at the time of your expense.

For example, if you plan to contribute $500 for the year but only have $125 in March, you can use $125 for eligible expenses and pay the rest out of pocket

TO OPEN AND CONTRIBUTE TO AN HSA

You must:

  • Be enrolled in an HSA-eligible High-Deductible Health Plan (HDHP)
  • Not be covered by another medical plan that is not HSA-eligible
  • Not be enrolled in Medicare or TRICARE, or not have used VA benefits in the last 3 months
  • Not be claimed as a dependent on another person’s tax return (other than a spouse)
  • Not be participating in a Health Care FSA (HCFSA). However, you may use a Limited Purpose FSA (LPFSA) for dental and vision only.