MONEY

Health Savings Account

Save with an HSA

If you enroll in the High Deductible Health Plan (HDHP), you get a health savings account (HSA) to help pay for eligible expenses.

How It Works

An HSA is like a 401(k) Plan for health care expenses. Here’s how it works:

  • You and ONEOK contribute pretax dollars to the account.
  • You can use the money to pay for eligible health care expenses for yourself and your dependents.
  • You can invest the money and use it for future health care expenses, such as during retirement.
  • If you don’t need the money for health care expenses, you can use it for other purposes. However, any HSA money spent on ineligible expenses is taxable, and you may pay a tax penalty.

Health Savings Account (HSA)

How does it work?

The HSA allows you to set aside pretax money to pay for eligible health care expenses now for yourself and your dependents. If you prefer, you can invest the money and use it for future health care expenses. Optum Bank administers the HSA.

Who’s eligible to contribute?

Employees enrolled in the HDHP can contribute. ONEOK also contributes.

How much can I elect to contribute per year?

Individual: $4,300

(not including ONEOK’s contribution)

 

Family:$8,550

(not including ONEOK’s contribution)

When is the account funded?

After each paycheck

How much does ONEOK contribute?

Individual: $500

 

Family: $1,000

 

Amount is funded on the first paycheck of the year. New hires receive a prorated amount depending on hire date.

What can the money be used for?

Eligible expenses, including:

  • Medical.
  • Prescription drug.
  • Dental.
  • Vision.

Go to the IRS site for a full list of eligible expenses.

How do I access the money?

Online claim form or debit card

Can I roll over unused money?

Yes

You can roll over your entire unused balance from year to year.

Can I take my money with me if I leave ONEOK or retire?

Yes

Your HSA, including ONEOK’s contributions, belongs to you.

Do I have to reenroll for the account every Open Enrollment?

Yes

Can my spouse/domestic partner/dependents use my HSA?

You may use your HSA funds for eligible expenses for any of your qualified tax dependents.

Looking for the FSA?

Find info on the three flexible spending accounts, or FSAs.

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Contacts

Optum Bank