HSAs are subject to eligibility requirements and restrictions on deposits and withdrawals to avoid IRS penalties. is not a bank or an FDIC insured institution. Health Savings Accounts (HSAs) and Medicare Advantage Medical Savings Accounts (MSAs) are individual accounts offered or administered through Optum Bank ®, Member FDIC, a subsidiary of Optum Financial, Inc. Optum Financial and its subsidiaries are not broker-dealers or registered investment advisors and do not provide investment advice or research concerning securities, make recommendations concerning securities or otherwise solicit securities transactions. Orders are accepted to effect transactions in securities only as an accommodation to HSA owners. The Schwab Health Savings Brokerage Account is offered through Charles Schwab & Co., Inc., Member FINRA/SIPC. Discretionary advisory services are provided by Betterment LLC, an SEC-registered investment adviser, with associated brokerage transactions provided by Betterment Securities, Member FINRA/SIPC. Any amount you spend from your HSA on nonqualified expenses will be considered part of your taxable income, and you may also owe a 20% penalty on that amount.Self-directed mutual fund investment options are made available through the services of an independent investment advisor, or your plan sponsor. To avoid any tax penalties, save all of your receipts, and make sure your reimbursements from your HSA are for qualified health care expenses. You may also request reimbursement from your HSA by signing in to Optum Financial and selecting HSA from the list of accounts on the left. When you use the card, you will not need to do anything else, except save your receipts with your tax records. The best way to access your HSA for eligible expenses is to use your Optum Financial payment card at the time of service or purchase. To find your HSA balance at any time, sign in to Optum Financial and scroll to select Health savings account. You will need your 16-digit debit card number to access your Optum Financial account the first time. You will receive a welcome packet and a debit card from Optum Financial. Once your HSA is established, contributions from Lam-and from you, if you choose-will start being deposited. When you enroll in a CDHP through Lam Research, your HSA will be opened for you automatically at Optum Financial. If you don’t find what you need on this page, try the FAQ. Then click “Continue” and follow the prompts. Call the Benefits Help Desk at 87 or log in to the benefits enrollment website and select “Make a Change to My Benefits.” Choose the Life Event “HSA Election/Changes” and the Event Date.

It’s easy to start or change your contribution any time.Your HSA is always yours, even if you leave Lam.(Note: If you live in California or New Jersey, your contributions and earnings will be subject to state tax.) That means you pay no federal taxes on your contributions, withdrawals for qualified medical expenses, or the interest or investment earnings as your savings grow. All the money in your HSA rolls over at the end of the year.You can invest the money in your HSA for the potential to grow your savings.See the HSA On Demand guide for more details. That means you’ll have money available in your account to cover an unexpected expense early in the year. With the Lam HSA On Demand feature through Optum Financial, you have access to the company’s full-year HSA contribution ($1,300 individual or $2,600 family) beginning January 1.For example, if you break your ankle while snowboarding and have unexpected medical expenses, you can add pretax money to your HSA after you get the emergency room bill. To set up or change your contribution, call the Benefits Help Desk at 87.

With an HSA, you can contribute at any point in the year and change your contribution amount whenever you want to, even after you have a major health expense.

Lam contributes to your HSA: $50 per pay period for individual coverage or $100 per pay period if you cover others.

But there are some important differences: The HSA and Health Care Flexible Spending Account (FSA) are similar-both accounts let you set pretax money aside that you can use to pay eligible health care expenses.

Voluntary supplemental medical benefits.

Hsa qualified expenses optum