The HSA Report Card

Optum Bank S

Optum Bank

 

Optum Bank started operating on July 21, 2003, in Salt Lake City, Utah, as a Utah state-chartered industrial loan corporation. Optum Bank is part of the financial services unit of Optum, a health and wellness company serving more than 115 million people. Optum is part of the United Health Group (NYSE:UNH) family of companies. Optum Bank services close to 4 million HSAs and holds more than $9 billion in HSA assets, making it one of the largest administrators in the industry.

 

Report Card for Optum Bank

as a Spending Vehicle

 
 
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Fees for Individuals (Non-Employer Group)

The best HSAs for spenders are characterized by low maintenance fees. Optum Bank's $2.75 monthly maintenance fee is a little higher than we’d like to see, but can be avoided by holding $2,500 in the HSA checking account. To avoid this fee, consider maxing out your HSA as quickly as possible.  

The best HSAs for spenders also have very few additional fees that are layered on top of the maintenance fee. These fees are not recurring in nature, but can be incurred by the account holder if they undertake certain actions. Optum Bank’s fee schedule only has a few additional fees that are easily avoidable.

Below we have reconstructed Optum Bank's fee schedule to exhibit fees spenders are most likely to encounter.

Optum Bank (Non-Employer Group)
  • Monthly Fees

  • 1Maintenance$2.75

  • Paper Statements$0

  • Behavioral Fees

  • Excess Contribution$0

  • Overdraft$0

  • Stop Payment$0

  • Point of Sale$0

  • 2ATM Withdrawal$2.50

  • Check Distrtibution$0

  • Rollover$0

  • Outbound Transfer$20

  • Closing$0

  • Replacement Card$0
1Free when HSA checking balance exceeds $3,000
2 $2.50 per ATM transaction that Optum Bank charges. In addition to the Optum Bank ATM fee, the bank/ATM you use to withdraw funds may charge you a fee.

In the chart below you can compare Optum Bank's fees with its top competitors.

 
Highcharts Tutorial
 

 
 

Payments

When you, your spouse, and your dependents have qualified medical expenses that aren’t covered by your health care plan, you can use your HSA money tax-free to pay for them. There are multiple ways you can spend from your HSA.

(✔) Debit Card

Use the Optum Bank HSA Debit card to pay on-the-spot at a doctor’s office, pharmacy or other health care facility. Pay a bill you receive from a doctor or other provider.

(✔) Bill Pay

Use Optum Bank's secure website to send payments directly to your health care providers, pharmacy, or other payees.

(✔) Checks

Optum Bank offers checks and there is no fee for ordering and using checks for HSA distribution.

  • Withdraw funds from an ATM to reimburse yourself for expenses you paid out-of-pocket.* (ATM access is not available on all HSA products.)

  • Apple Pay

    • A new and convenient way to pay for your eligible healthcare expenses. Apple Pay allows you the ability to pay for qualified medical expenses using your Optum Bank HSA debit Mastercard® debit card with a single touch of the finger from your Apple device.

 

Reimbursement

You can pay for qualified medical expenses out-of-pocket and reimburse yourself anytime using your HSA money. As long as you opened your HSA before the expense was incurred, your reimbursement will be tax-free. You can:

(✔) Transfers

Optum Bank connects your HSA account to your bank, making reimbursements for out of pocket expenses easy and straightforward. You can log in and request an ACH or check disbursement. 

(✔) ATM Withdrawls

If your HSA offers ATM access, you can use your Debit Mastercard at any ATM that displays the Mastercard logo. *There is a $2.50 ATM withdrawal fee. Access fees may also be charged by the ATM owner.

(✔) Checks

You can use your Optum Bank check to reimburse yourself for eligible medical expenses. Optum Bank can also send you a check in the amount you authorize to reimburse yourself. $2 disbursement check fee will apply.


Features

Intuitive Website

The Optum Bank member portal provides a user-friendly interface for easy, self-service account management. Using the Optum Bank member portal, you can check your balance, review transactions, view insurance claims, invest in mutual funds, pay providers and submit for reimbursement. 

Customer Service Team

Access to a team of HSA expert customer service representatives.

Mobile App

Always on the go? Download the Optum Bank Mobile App to send payments directly to your health care provider and reimburse yourself for an out-of-pocket payment, without ever having to sit down at your computer. The Optum Bank mobile app features include:

  • Photo Documentation - Simply take a photo with your device to initiate claims and payments.

  • Payments & Reimbursements -You can send payments to providers or reimburse yourself for out-of-pocket expenses from your HSA.

  • Manage Debit Card Transactions - Link your debit card transactions to claims and documentation.

  • View Claims Status - View the status of claims as well as link payments and documentation to claims

Schedule Your Contributions

Check to see if your employer offers payroll deduction. Or arrange to make regular deposits yourself. When you sign in to your account, you can set up one-time or recurring contributions.

Documentation Library

  • Archive and manage receipts, explanations of benefits (EOBs), invoices, and more in one central location

  • Intuitive, step-by-step process

  • Documents archived on safe, secure servers

  • No need to keep originals that can get lost or damaged

 
 

Pros & Cons

Pros
  • Long history of administering HSAs

  • Multiple reimbursement methods

  • Feature rich mobile app

  • Receipt storage tool
Cons
  • Maintenance fee can only be avoided with $2,500 balance in the HSA checking account
 
 

 
 

Which participants are best suited for a Optum Bank HSA?

  • Those who plan on having at least $2,500 in base HSA account. No monthly maintenance fee would be incurred under these circumstances.

  • Participants looking for a feature rich HSA offering. The Optum Bank HSA is a premium offering with many bells and whistles.

  • Dual-purpose use (spender/investor). Optum bank is a top 10 investment HSA.

 
 

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