Premium HSA

Save with an HSA now, benefit later.

The Health Savings Account (HSA) is a smart way to prepare for the future – next year and beyond. You can use it to pay for expenses now or save for future expenses if you don’t use all your HSA money by the end of the plan year.

How an HSA Works

The HSA is a tax-advantaged personal bank account that works with the Premium HSA and Basic HSA Medical plan options. It allows you to set aside money to pay for qualified 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.

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 or 1-866-802-8572 (worldwide).

Why consider the HSA?

• Free money. In you enroll in the Premium HSA, Baker Hughes will contribute: $500 for Employee Only$750 for Employee + Spouse or Employee + Child(ren)$1,000 for Employee + FamilyIf you enroll in the Basic HSA, Baker Hughes does not make an HSA contribution on your behalf, but you can still enroll in the HSA.
• It costs you a lot less each paycheck. Premium HSA and Basic HSA rates are much lower than the Standard Plan.
• The after-tax contributions you make are tax-deductible. You can claim this deduction when you file your taxes. Talk to a tax professional or refer to the IRS website for more information. Plus, you can change your HSA contribution amount at any time. Note: Special tax rules may apply in the state where you live.
•  It’s tax-free as it grows. The interest you earn even earns interest!
• It’s tax-free when you spend it. When you spend your HSA dollars on qualified health care expenses, you don’t pay any taxes. That means you’re saving money on things like your medical, dental and vision coinsurance and deductibles.
• It’s always your money. Just like a bank account, you own your HSA, so it’s yours to keep and use even if you change medical options, leave the company or retire.
• [BHGE: Invest balances over $X,000?]

These are just the basics to get you started. Learn more.

IRS Publication 969 [link], Health Savings Accounts and Other Tax-Favored

Health Plans, is a resource to review before you open and contribute to an HSA. You should also consult your tax advisor for additional information.

These are just the basics to get you started. Learn more.

IRS Publication 969 [link], Health Savings Accounts and Other Tax-Favored Health Plans, is a resource to review before you open and contribute to an HSA. You should also consult your tax advisor for additional information.

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