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UnitedHealth
Group’s subsidiary, OptumHealth Financial ServicesSM (previously
known as Exante Financial Services®) is an integrated financial services
company dedicated exclusively to meeting the needs of individuals, employers,
health plans and health care professionals. It includes OptumHealth BankSM, member FDIC, one of the largest
administrators of Health Savings Accounts (HSAs) in the country. OptumHealth
Financial Services manages more than 1.3 million health accounts, including
HSAs, Flexible Spending Accounts (FSAs) and Health Reimbursement Arrangements
(HRAs). The company serves 22 health plans with innovative card technology
and print and electronic payment solutions. It also provides employers
with comprehensive benefits administration services for active employees
and retirees.
Flexible Spending Accounts
This account is available for employees to contribute for future eligible
health care costs. Contributions are pre-tax, which means less Federal
and FICA taxes are deducted. These accounts can be used for:
- Deductibles and coinsurance
- Qualifying prescription and over the counter drugs
- Eye doctors, glasses and contact lenses
- Major dental work, orthodontia and dentures
- Alternative medicine
- Smoking cessation programs
Health Reimbursement Accounts
These accounts hold funds that are set aside by employers to reimburse
employees for qualified medical expenses. Employers qualify for preferential
tax treatment of funds placed in the account in the same way that they
qualify for tax advantages by funding an insurance plan. Employers can
deduct the cost of an insurance plan and a health reimbursement account
as a business expense under Internal Revenue Code Section 162.
Health Savings Accounts
OptumHealth
Bank is among the nation’s largest Health Savings Account administrators.
Account-holders receive market competitive interest rates on their deposits,
online bill payment options, and direct debit card access to their accounts.
Additionally, once they obtain a $2,000 account balance, they also have
the option to select from a range of no-fee, non-proprietary investment
options. They offer account options to suit the lifestyle needs of
various customers – those who actively use their HSA to pay for current
expenses, those who want to accumulate savings for the future and those
who are comfortable with the risks of investing to accumulate for future
health expenses.
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