Health Savings Account (HSA)

A Health Savings Account (HSA) combines your medical plan with an employee-funded pre-tax savings account. Money in the savings account can help pay your deductible and many other eligible expenses. Money left in the savings account earns interest and is yours to keep—even if you leave the company or retire. An HSA is a great way to save for current and future medical expenses because it offers a double tax advantage:

Contributions come out of your paycheck before taxes are deducted. The money you spend on qualified expenses is also tax-free. Any money you don’t use stays in your account earning interest, which is also tax-free.

BAYADA’s HSA provider is Optum Financial, giving you access to their mobile-friendly online portal/app to view reimbursement requests, account balances, claim information, and more!

If you have any issues with claims or need to check your account balance, please call Optum directly at 833-325-0002.

Tax-favored account
Less taxable income

You are eligible to open and fund an HSA if you are:

Enrolled in the APCN Plus High Deductible Health Plan
Not covered by your spouse’s health plan, FSA, or HRA (the IRS does not allow you to have both an FSA and an HSA between spouses; you must pick one or the other)
Not claimed as a dependent on someone else’s tax return
Not enrolled in Medicare, TRICARE, or TRICARE for Life
Not a recipient of Veterans Administration benefits

Funds you withdraw from your HSA are tax-free when used to pay for qualified medical expenses. A list of HSA-eligible and ineligible expenses is available on the HSA Eligible Expense List.

How it works

There are two parts to an HSA: savings and investment. Once you have reached a savings balance of at least $1,000 in your HSA account, you may invest your funds. You may use the investment portion to reinvest and earn additional tax-free savings. However, the standard recommendation is to estimate what you are likely to spend on healthcare costs in the next 12 to 24 months, and invest anything over that estimate.

After you enroll, you’ll get a debit card from Optum Financial—the HSA administrator—that you can use to pay expenses. It’s the most convenient way to pay. You can use it at any doctor’s office, pharmacy, or other provider that takes debit cards. You’ll also receive checks that you can use to pay for expenses.

Please contact the BAYADA Benefits office at any time to make a change to your HSA.

For more options, call Optum Financial at 833-325-0002.

Most people know that their 401(k) is a way to save for retirement costs. But did you know that many financial advisors now recommend using HSAs as another way to save for retirement?

Tips for getting the most out of your HSA in the future:

Use as little of the money in your account today as possible. Think of your HSA as another retirement account: You’ll get tax savings today and the money in your account will grow with interest. New this year: You only need a $1,000 minimum balance to invest.
Invest your contributions wisely. Use the same investing strategy you use for your other retirement accounts. Optum Financial offers several options. For more information, call Optum Financial at 833-325-0002.

Q. Where can you invest your HSA funds?
A. The same types of investments permitted for IRAs are allowed for HSAs, including stocks, bonds, mutual funds, and certificates of deposit.

Q. Who has control over the money invested in a Health Savings Account?
A. You, the account holder, control all decisions over your invested money. You can also choose not to invest your funds.

Q. Can I borrow against the money in my HSA?
A. No, you may not borrow against it or pledge the funds in it. For more information on prohibited activities, see Section 4975 of the Internal Revenue Code.

Q. Can I roll the money in an HSA over into an IRA?
A. You cannot roll the HSA funds over into an IRA. Funds will stay in the HSA or be rolled into another HSA.

Q. Can I roll over an IRA, 401(k), or other retirement plans into my HSA?
A. You cannot roll over into a 401(k) or other retirement plan, but you can make a one-time, irrevocable transfer from an IRA to an HSA. The transfer does count toward the annual contribution maximum and requires you to be in an HSA-eligible HDHP for a period of 12 months after this transfer is complete. At age 65, you may spend the funds on non-eligible expenses but will incur a 20% penalty fee.

Q: What is the 2025 maximum I can contribute to the HSA?
A: For individuals enrolled in the APCN + HDHP – $4,300. For families enrolled in the APCN + HDHP – $8,550.

Get help

For general information before you enroll, call Optum Financial at 833-325-0002.
For information after you enroll about claims, account balance, and investment options, visit https://www.optumfinancial.com.

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Learn about online enrollment.

Enrolling online? Learn how to navigate the Workday portal to select which health insurance plans are right for you.

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Ready to sign up for benefits?

If you are new to BAYADA or need a coverage change due to a qualified life event, click ENROLL NOW to be taken to BAYADA single sign on and then navigate to Workday, the online enrollment tool.

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