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Health Savings Account

Health Savings Account

A Health Savings Account (HSA) is an individually owned account that you can use to pay health care expenses, now and in the future.

You can use it to pay for expenses now or save for the future if you don’t use all your HSA money by the end of the plan year.

How the HSA Works

The HSA is a tax-advantaged personal bank account that works with the Premium HSA and Basic HSA Medical plans. It allows you to set aside money to pay for eligible health care expenses. The account is yours to own and manage on your own. If you ever leave Baker Hughes, you’ll take this account with you. Click here to see an example of how contributing to an HSA can impact your taxes.

Baker Hughes pays your HSA account set-up fee and monthly service fee, which includes a no-cost debit card and a monthly statement. You can use the debit card for eligible purchases at merchant locations with no transaction charge, up to your available account balance. You can also reimburse yourself for eligible expenses with ATM cash withdrawals at $1.50 per transaction. For more information on other reimbursement options and fees associated with your HSA, contact Optum Bank at 1-866-743-6549.

Company Contributions

If you enroll in the Premium HSA, Baker Hughes will contribute:

  • $500 for Employee Only
  • $750 for Employee + Spouse
  • $750 for Employee + Child(ren)
  • $1,000 for Employee + Family

If you are hired after January 1, the company contribution amount will be prorated based on your date of hire.

If you enroll in the Basic HSA, Baker Hughes does not make a contribution to the HSA for you.

2020 Contribution Limits

You can contribute pre-tax dollars to your HSA up to the IRS limits each year. The 2020 IRS contribution limits are $3,550 for individual coverage and $7,100 for family coverage levels. If you are age 55 or older, you can contribute an additional $1,000. 

Company contributions are included in the IRS limits. For example, if you enroll in the Premium HSA and elect Employee + Family coverage, Baker Hughes contributes $1,000 to your HSA and you can contribute an additional $6,100, for a total of $7,100. 

2021 Contribution Limits

You can contribute pre-tax dollars to your HSA up to the IRS limits each year. The 2021 IRS contribution limits are $3,600 for individual coverage and $7,200 for family coverage levels. If you are age 55 or older, you can contribute an additional $1,000. 

Company contributions are included in the IRS limits. For example, if you enroll in the Premium HSA and elect Employee + Family coverage, Baker Hughes contributes $1,000 to your HSA and you can contribute an additional $6,200, for a total of $7,200. 

Payroll Deductions

The amount you elect to contribute to your HSA will be deducted from your paycheck. If you enrolled in the Premium HSA Plan for 2021, the employer contribution will be made at the time you get your second paycheck of 2021.

Eligible Expenses

Use the account to pay for medical, dental, vision and prescription drug expenses. Examples of eligible expenses include: 

  • Medical and dental plan deductibles, copays and coinsurance
  • Prescription drug copays and coinsurance
  • Certain over-the-counter drugs with a prescription
  • Vision expenses

Refer to IRS Publication 969 for more information.

Optum Go Green Initiative

As a part of Optum's initiative to go green, Optum will begin charging a fee of $1.50 for quarterly paper statements. Notification of this change will go out with your third quarter statement, which will be mailed in October 2020. The charges will apply beginning with your fourth quarter statement, which will be mailed in January 2021. If you want to avoid this fee, you can request electronic delivery of your quarterly statements. You can update your statement delivery preference on the Optum website.

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