How do HSAs work with Justworks?
If your employer is offering a high deductible healthcare plan (HDHP), they can choose to offer HSA’s as well. If you are eligible to enroll in an HSA Justworks will send you an email during open enrollment and you will see an option to enroll in your Justworks account. You must be actively enrolled in a high deductible healthcare plan to be able to enroll.
As a part of your enrollment process you can determine the amount you would like to start contributing to your account each month.
You will also be able to view the amount you are set to defer for the entire year and IRS maximums. You can change your contribution amount at any time but keep in mind any changes will start the following month.
When can I sign-up for an HSA?
If you are enrolled in a High Deductible Healthcare Plan (HDHP) you can enroll in an HSA at any time during the year, as long as your company is offering this benefit.
Can I sign up later if I don't want to during open enrollment?
Yes, as long as you are enrolled in an HDHP you can sign up at any time while the benefit is being offered by your company.
What are the fees on my Optum Financial HSA?
There is no fee for maintaining your HSA interest-bearing account during active employment. If you are no longer employed or no longer eligible for an HSA, the fees on your HSA account may change. To review the monthly fees that may be associated with your account after separation, please contact your HSA provider.
Additionally, Optum Financial provides a full range of investment options in the Investment Center of your portal. Members with a minimum balance of $1,000 will have the option to open an investment account and invest any amount over the minimum required cash balance in a suite of mutual funds. There is a yearly $18 fee for investment accounts that will be charged to you on the first business day of the following month after opening your investment account.
For example, if you make your first investment trade on the 7th of April, you will be charged on the first business day of May.
The $18 yearly fee will be charged on the anniversary date of opening your investment account. This fee can not be prorated.
I've signed up for an HSA, how do I use my funds?
If you signed up for a HSA, you can set up your account on Optum Financial. You will receive a welcome packet with the benefits debit card within 5-7 business days of successfully opening your account to use on expenses. You may also pay out of pocket and submit for reimbursement through the account once it’s opened.
When will I receive my payment card?
You will receive a welcome packet with the debit card within 5-7 business days of successfully opening your account. If you do not receive your card within 5-7 business days please contact Optum Financial Customer Service at 1 (877) 292-4040 or email firstname.lastname@example.org.
How do I log onto Optum Financial?
In order to get started with your Optum Financial account and manage your HSA funds, follow the steps below:
Once you have enrolled for an HSA through Justworks you’ll have to wait to receive your Optum Financial benefits debit card*. Once you receive your card you will be able to register your account. You will be asked to register your account using the last 4 digits of your Social Security number, mailing zip code, and date of birth exactly as it appears in the “Account Settings” section of your Justworks account.
*If you have signed up for an HSA and have not after 5-7 business days received your Optum Financial benefits please contact Optum Financial Customer Service.
Moving forward, you can log in to Optum Financial with your personalized user ID and your password.
After creating your Optum Financial account, you will need to provide documentation to prove your identity to finish opening your HSA and access the funds. Valid forms of identification required can be uploaded to the Resolution Center by the employee in the myCYC participant portal or mobile application.
If there is an issue with your proof of identity, Optum Financial will contact you to resolve the issue. The account is not opened and funds cannot be accessed until the issue is resolved.
How do I get reimbursed for an out-of-pocket expense?
If you paid out of pocket, you can log into Optum Financial to reimburse yourself in the online portal, or you can withdraw funds from an ATM using the HSA debit card. Documentation is generally not required to substantiate a claim, but we recommend keeping them for your records or in case it’s ever requested by the IRS. Optum Financial offers a tool called, “HSA Save-It!” within the portal that allows you to store receipts and documentation. There is also no time limit to submit claims for reimbursement, if you choose to accumulate funds over time for a larger withdrawal.
Can I transfer or rollover funds from my previous HSA provider?
Yes, as long as your Optum Financial HSA is open, there are two methods you can use to transfer/rollover to your Optum HSA from your previous HSA provider.
- Transfer (aka Trustee to Trustee Transfer): When the previous HSA provider sends HSA funds directly to Optum Financial.
- Rollover: When HSA funds are sent to you directly via check and then must be deposited in your Optum HSA within 60 days to avoid penalties and taxes.
You can contact Optum Financial directly to begin the transfer or rollover process. For more information on HSA transfer/rollover options and any required forms, you can visit this page.
Note: Optum does not charge a fee to rollover or transfer funds into an Optum HSA, but fees may apply if you are rolling or transferring funds out of Optum. You can check with your previous/upcoming HSA provider directly for information on their rollover/transfer fees.
What happens to my HSA if my employer...
I switch from the Justworks master policy to an open market plan through Justworks?
- You can retain your HSA without interruption when moving to an open market plan through Justworks.
If I am enrolled in an FSA and switch to an HDHP, will I be able to enroll in an HSA?
- Whether you are enrolled in a master policy or open market plan, you must wait for your FSA enrollment to expire before you can enroll in an HSA. This is because an individual cannot be enrolled in both FSA and HSA simultaneously.
Contacting Optum Financial
Optum Financial’s Customer Service is open 24/7 365 days a year. If you have any questions or need to contact Optum Financial for help on your account, you can call 1 (877) 292-4040 or email email@example.com .
You can also get more information and submit your claims through the Optum Financial app. For more information and links to download please visit their mobile app page here.
This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, legal or tax advice. If you have any legal or tax questions regarding this content or related issues, then you should consult with your professional legal or tax advisor.