After you enroll in the CDHP, Optum Bank, our vendor, will set up a health savings account (HSA) for you. You can contribute money to your HSA by payroll deductions (if offered by your employer). There are annual maximum contribution limits. Please visit the Partners For Health CDHP/HSA webpage for more information on contribution limits.
Local Education/Local Government Employees: Check with your agency benefits coordinator about setting up payroll deduction. Your employer may also contribute money to your HSA. You can check with your agency benefits coordinator to find out if your employer contributes. If your employer does not offer payroll deductions, you can link your bank account to your HSA account on the Optum portal and make contributions. You will link your bank account by first signing in to your Optum account at optumbank.com/tennessee and then by clicking on Settings > Bank Accounts > and then Add a new HSA bank Account. Follow prompts from there. Once the accounts are linked, you can move funds to and from your HSA.
Any contributions to your HSA made by bank account transfer or check would need to be added up and claimed as an above the line credit on your taxes the following April. This gives you the same tax deduction as if you were contributing by payroll deduction.
State employees: Each time you make an HSA amount change, you will enter your total desired annual contribution amount in Edison employee self-service (ESS). Once a year the state will contribute $250 (single only coverage) or $500 (family coverage) into your HSA account. If your coverage effective date is anytime from September 2 through December 31, the state will not contribute any money to your HSA (state and higher education employees) for that year. However, if you remain enrolled in the CDHP, then you will receive the state contribution the following January. Additionally, anyone whose coverage level changes from single to family on or after September 2 through December 31 of the plan year will not be provided with an additional $250 in seed funds.
Higher Education employees: Check with your agency benefits coordinator about setting up payroll deduction. Your employer may also contribute money to your HSA. You can check with your agency benefits coordinator to find out if your employer contributes.