An HSA is a tax-advantaged medical savings account that allows you to save money for eligible expenses. You can only have an HSA if you are enrolled in a high deductible health plan. The Baker Hughes high deductible health plans are the Premium HSA and the Basic HSA.
Each year, you decide how much to contribute to your HSA account, though you cannot exceed the IRS limits. Your HSA contributions will be taken directly from your paycheck. An account will be established with Optum Bank on your behalf. Additional verification may be required by Optum Bank.
You will receive a debit card, and you can use the funds to pay for eligible medical expenses. This includes deductibles, copays, and coinsurance plus other qualified medical expenses. For more information about eligible expenses, click here.
The HSA has three tax advantages. Your contributions are made before your income is taxed, you don’t pay taxes on the account’s growth, and if you make withdrawals for eligible expenses, you don’t pay taxes on that money either.
Yes, if you enroll in the Premium HSA. The company contribution is:
If you are hired after January 1, the company contribution amount will be prorated based on your date of hire. However, if you are hired on or after November 1, there will not be any company contribution amount.
If you enroll in the Basic HSA, you will not receive a company contribution.
The employer contribution will be made at the time you get your second paycheck of 2023.
Generally, you are eligible to open an HSA if you are:
Yes, you can. However, you will not be able to make adjustments to your HSA contributions after November 1 of the plan year.
You can still enroll in the Premium HSA or Basic HSA plan, but you will not be eligible to contribute to an HSA if you are enrolled in Medicare. It will be your responsibility to ensure you do not contribute to the HSA or you could face tax penalties.
The HSA is administered by Optum Bank.
For 2023, the IRS limits are:
If you are enrolled in the Premium HSA, the company contributions count toward the IRS limits.
Company contributions are included in the IRS limits. For example, if you enroll in the Premium HSA for 2023 and elect Employee + Family coverage, Baker Hughes contributes $1,000 to your HSA and you can contribute an additional $6,750, for a total of $7,750.
You own your HSA and the HSA balance is yours to keep, even if you enroll in a different plan or leave Baker Hughes.
You can contribute to an HSA only if you are enrolled in a high deductible health plan. The Baker Hughes high deductible health plans are the Premium HSA and the Basic HSA. There is no “use it or lose it” rule with the HSA, so the money rolls over from year to year and is yours to keep, even if you leave Baker Hughes. You can increase, decrease, or stop your HSA contributions anytime, for any reason.
You can contribute to a Health Care Flexible Spending Account if you are not enrolled in a high deductible health plan option. You have to use your funds by the deadline, or you forfeit them. Baker Hughes does not make contributions to the Health Care Flexible Spending Account, but you can contribute up to the IRS limit. Health Care Flexible Spending Account contributions cannot be changed during the plan year, unless you experience a Qualified Status Change, such as the birth of a child or marriage.
You cannot contribute to both an HSA and HCFSA during the same plan year.
Yes. 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. 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.