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If you enroll in one of the State's High Deductible Health Plans (HDHP), you may be eligible to open a Health Savings Account (HSA) through Optum Bank. An HSA is a tax-advantaged savings account that can be used to pay for eligible healthcare expenses.
A Health Savings Account (HSA) helps you plan, save and pay for healthcare.
Health Savings Account (HSA) Eligibility Requirements—You can open a Health Savings Account (HSA) at Optum Bank if you:
For complete HSA rules, see IRS Publication 969 for details. Other exclusions may apply. Contact Optum Bank at 866-234-8913 for questions.
HSA contribution limits are determined every year by the Internal Revenue Service (IRS) under section 223 of the Internal Revenue Code (IRC). For 2020, the statutory annual HSA contribution limit is $3,550 if you have individual HDHP coverage and $7,100 if you have family HDHP coverage. The IRS also allows you to make an extra catch-up contribution of $1,000 if you are age 55 or older. You can make contributions to your HSA all the way up to the tax-filing deadline (usually April 15) and still get tax credit for the previous calendar year.
Note: These IRS statutory contribution limits apply to the combined total of all of your HSA deposits including contributions from you, your employer, family members or anyone else.
Note: Catch-up contributions can be made during the calendar year in which the HSA participant turns 55.
This information is not intended as legal or tax advice. We recommend that you consult a tax, legal or financial advisor to discuss your personal circumstances and for personal advice on eligibility, tax treatment and restrictions.
Optum Bank - HSA Rollover or Transfer Request Form
State of Colorado benefits plans from previous yearswww.stateofcoloradobenefits.comHSA User GuideA Short Guide to HSAsHSA Qualified Expenses
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