HSA Transition from Optum Bank to HSA Bank

If you are enrolled in the Choice Fund Open Access Plus HSA plan (previously called the Consumer Driven Health Plan) in 2022, you will automatically be enrolled in a Health Savings Account with HSA Bank (Cigna).

Employees who currently have an open Optum HSA account through UnitedHealthcare have two options:

  1. Transfer your Optum HSA (UnitedHealthcare) balance to HSA Bank (Cigna)
  2. Keep the Optum HSA account with Optum

Transfer an Optum HSA (UHC) Account to HSA Bank (Cigna)

There are two ways to complete the account transfer:

  1. Complete the HSA Bank Transfer Form and either mail it to Optum Bank at PO BOX 271629, Salt Lake City UT 84127 or FAX to (866) 314-9795. There will be a one-time $20 outbound transfer fee for this process, which will be taken directly from the available balance when the transfer is processed.
  2. Call Optum Bank at (866) 234-8913, option 0 to request your HSA account be closed (not transferred). You will be issued a check for your remaining available balance. There is no fee for this process, but you will need to handle the funds transfer. You have two choices for the funds to avoid tax penalty.
    1. Roll those funds over into another HSA account within 60 days from receipt of the check, or
    1. Spend the funds on qualified medical expenses (as defined in IRS Publication 502) by the end of the calendar year

Keep the Optum HSA (UHC) Account

The account holder will need to contact Optum Bank Customer service at (866) 234-8913, option 0 to let them know that they would like to keep their current account with Optum Bank. Please note that future County contributions will be deposited to your HSA Bank account, and not to the Optum Bank account. The following charges will apply to the Optum HSA account:

Account TypeeSAVEReACCESSeINVESTOR
Monthly Maintenance Fee$3.00 waived if average balance is $5,000 or more Includes use of:
– Health Savings Account Debit MasterCard to pay charges directly
– Online Bill payment and Mobile Access
– Receipt Vault allows you to upload and store images of receipts online
$1.00 waived if average balance is $5,000 or more Includes use of:
– Health Savings Account Debit MasterCard to pay charges directly
– Online Bill payment and Mobile Access
– Receipt Vault allows you to upload and store images of receipts online
$3.00 waived if average balance is $5,000 or more Includes use of:
– Health Savings Account Debit MasterCard to pay charges directly
– Online Bill payment and Mobile Access
– Receipt Vault allows you to upload and store images of receipts online
ATM Transaction Fee$2.50 per transaction. ATM you use may also change additional fee$2.50 per transaction. ATM you use may also change additional fee$2.50 per transaction. ATM you use may also change additional fee
Outbound Transfer/ Rollover Fee to Another HSA Custodian$20.00$20.00$20.00
Printed Statement Fee$1.50 charged if you do not choose online statement option$1.50 charged if you do not choose online statement option$1.50 charged if you do not choose online statement option
Investment AccountNo monthly investment fee. Balance must remain at or exceed $2000.00$3.00 monthly investment fee. Balance must remain at or exceed $2000.00$2.50 monthly investment fee. Balance must remain at or exceed $500.00

5/10/22