Optum Bank

We are happy to introduce this year a Health Savings Account (HSA) managed by Optum Bank. This account is available ONLY if you enroll in a High Deductible Health Plan (HDHP) like the Choice Plus HSA that is being introduced this Plan Year. An HSA gives you the opportunity to set aside money via pre-tax payroll deductions, which you can then use to pay for qualified medical expenses for yourself and eligible dependents. This includes doctor visits, prescriptions, dental and vision expenses.

As an employee of Sonny’s Enterprises LLC participating in the HDHP medical plan Choice Plus HSA, Sonny’s will contribute $500 for Employee Only coverage and $1,000 for Employee + Dependent(s) coverage into an employee’s HSA when enrolled in the Choice Plus HSA Medical Plan for the 2024-25 plan year.

At A Glance

​To qualify for an HSA, you must meet the following criteria:

  • You must be enrolled in a High Deductible Health Plan.
  • You cannot be enrolled in another health plan that is not an HDHP Plan OR enrolled in Medicare.
  • Not be eligible to be claimed as a dependent on someone else's tax return.

An HSA is a “portable” account. You own your HSA! It’s included in your employee benefits package, but after you set up your account, it’s yours to keep, even if you change jobs or retire.

Once your HSA is established and money is contributed to your account, you can then use your HSA dollars tax-free to pay for eligible health care expenses such as doctors’ office visits, prescription drugs, and much more. Best of all, you decide how and when to use your HSA dollars.  

​Why is it a good idea to have an HSA? 

  • Tax-free deposits – Money contributed to your HSA isn’t taxed (up to the IRS annual limit).
  • Tax-free earnings – Your interest and any investment earnings grow tax-free.
  • Tax-free withdrawals – The money used toward eligible health care expenses isn’t taxed now or in the future.
  • Setting aside pre-tax dollars into your HSA means you pay fewer taxes and increase your take-home pay by your tax savings.

HSA funds roll over from year to year and accumulate in your account. There is no “use-it-or lose-it” rule with HSAs, and you decide how and when to use your HSA funds. And when you have a certain balance in your HSA, investment opportunities are available. 

Contribution Limits:

You choose how much you want to contribute to your HSA based on IRS rules. Combined employer and employee contributions cannot exceed the annual IRS maximum of $4,150 for employee only and $8,850 for employee + dependent(s) for 2024. Individuals over 55 years old can make a $1,000 catch up contribution.