Skip To Main Content

Toggle Close Container

Triggers Container

Toggle Schools Canvas

Toggle Site Info Canvas

Mobile Translate

Mobile Main Nav

Mobile Utility

Header Holder

Header Right Column

Header Right Top

Toggle Schools Canvas

Toggle Site Info Canvas


Utility Nav - Desktop

Header Right Bottom

Canvas Menus

District Canvas Menu


school & Program

Site Info Canvas


Get in Touch with

contact us

Saint Paul Public Schools, District 625
360 Colborne Street
Saint Paul


Get In Touch Navigation

Search Canvas

Horizontal Nav


Health Savings Account - Optum Bank

Click here for Regulatory Alert and Legislative Updates due to Covid19

Health Savings Account - Administered by Optum Bank

Combines a high deductible health plan HSA Medical - HealthPartners or HSA Compatible Medical - PEIP with a voluntary tax favored savings account.  You pay lower medical premiums in exchange for a higher deductible and you can make pre-tax contributions into your HSA Savings Account, through Optum Bank to pay for eligible medical expenses.  You must elect an HSA medical plan to be eligible for a HSA Savings Account. 

At the time of hire or at anytime through the calendar year, you can elect an HSA Savings Account, if you have elected an HSA Medical plan.  At the time of hire, and by electing an HSA Savings Account online your annual election amount, you are electronically agreeing for SPPS to open and administer/maintain an Optum Bank, Inc. (“Bank”) Health Savings Account on your behalf and there are no forms needed to be filled out.  

Elections do not carry forward from year to year.  Elections must be made during Active Enrollment for deductions to begin the first paycheck in January. Deductions will be taken from each paycheck on a pre-tax basis, and deposited into your HSA Savings Account administered by Optum Bank.  If you do not make an HSA Savings Account Election during Active Enrollment you are still able to enroll throughout the plan year.  You are also able to change or stop deductions within a plan year. 

Ten month employees do not have deductions during the summer months.  The HSA Savings Account MUST be re-elected during Active Enrollment for deductions to begin in January.  

Please note:  An account with Optum Bank will be set up by Saint Paul Schools and additional information may be requested from Optum Bank Once your account is set up, Optum Bank will send you a debit card for use against your accumulated HSA funds. 

Main benefits of an HSA Savings Account:

  • Tax savings- you reduce your taxable income by making pre-tax contributions.  Savings grow tax-free and withdrawals for eligible medical expenses are also tax-free.
  • Flexibility- you can use your HSA funds for current medical expenses or save for future needs like COBRA premiums or long term care insurance. You can even withdraw HSA funds for non-medical expenses (however tax penalties may apply for that).
  • Portability- the money in your HSA Savings Account is yours - even if you leave SPPS before you retire.  You take your HSA Savings Account with you, and you can also assign a beneficiary so your funds are never wasted.

HSA Savings Account Facts:

  • You own your HSA Savings Account and you determine how funds are spent.
  • You can voluntarily contribute money (up to annual IRS limit) to your HSA Savings Account on a pre-tax basis through payroll deductions.
  • Rather than having pharmacy copays, in the HSA plan you pay the full (discounted) cost of prescription drugs, which are applied against your deductible. Funds in your HSA Savings Account can be used to pay for prescriptions.
  • To pay for eligible health care expenses, present your Optum HSA debit card to your provider, and money will be deducted directly from your HSA Savings Account balance.
  • Remaining HSA Savings Account funds not used for eligible health care expenses in the plan year are rolled over to the following year for future health care expenses.
  • You may not borrow against future contributions; only the funds existing in your account at any given time are available for use.
  • Unused HSA Savings Account funds always remain with you, even if you leave SPPS, as you are the one who contributed to the account.
  • There is a monthly administration fee for Optum Bank to carry your account and process your claims, which is paid for by the District.  If employment ends, you will be responsible for the monthly fee.
  • The HSA Savings Account is an interest-bearing deposit account and provides you with mutual fund investment options.
  • Withdrawals are not taxed as long as they are used to pay for qualified health care expenses. It is up to you to keep the supporting records for the IRS if you used the funds to pay qualified health care expenses. [If you use your HSA funds for non-qualified health care expenses, you are required to report your withdrawal as taxable income and pay a tax penalty.]

IMPORTANT NOTE:  If you are covered under a Health Savings Account you cannot participate in the medical reimbursement flexible spending account – you would only be able to participate in the flexible spending dependent care reimbursement program.  (However, if you elect a HSA medical plan for your insurance coverage but do not have an HSA Savings Account attached to it, you are eligible to participate in the flexible spending reimbursement program.  It is the HSA Savings Account, not the high deductible health plan that prohibits you from participating in flex spending medical reimbursements.)

     • Link: Health Savings Account Forms



HSA Savings Accounts will be Administered by Optum Bank.  

Optum Short Guide

Optum A Smart Way to Save




What is an Health Savings Account (HSA) ?

View a Power Point Presentation to learn more about Health Savings Accounts

HSA Account Forms

     • Link: HSA Account Forms

2024 HSA Annual Account Maximum

The annual Health Savings Account amount is dependent upon the HSA Medical coverage elected.

Employee Only

$4,150 Max

Plus One and Family  $8,300 Max

2023 HSA Annual Account Maximum

The annual Health Savings Account amount is dependent upon the HSA Medical coverage elected.

Employee Only

$3,850 Max

Plus One and Family  $7,750 Max

2022 HSA Annual Account Maximums

The annual Health Savings Account amount is dependent upon the HSA Medical coverage elected.

Employee Only

$3,650 Max

Plus One and Family  $7,300 Max