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Optum Bank Launches New HSA Product June 1

April 20, 2016

As part of their ongoing initiative to deliver increased value to clients and account holders, Optum Bank®, the #1 Health Savings Account (HSA) provider*, has created an enhanced HSA solution available to all new UnitedHealthcare business beginning June 1, 2016. This new HSA product—offered in place of the three current products—features a simplified fee structure and a new, market-leading investment offering. 

New Optum Bank HSA Details:

    • Elimination of 11 miscellaneous fees, including:
      • Overdraft fee
      • Excess contribution fee
      • check order fee
    • Market-leading investments
      • Low average gross expense ratio of 0.36%
      • Designed for all levels of investor
      • Diverse fund lineup with passive and active management options
      • Trusted name brand funds, including 17 Vanguard funds
      • Lowest cost-share classes available for each fund
      • No trading fees
    • Competitive fees and fee waiver threshold
    • Pays tiered interest rate ranging from 0.05% to 0.40% 

 Feature

 Optum Bank HSA

 Monthly Maintenance Fee (MMF)

 $2.75

 Fee Waiver Threshold

 $3,000 

 Monthly Investment Fee

 0.03% of average daily investment balance1 

 Investment Threshold

 $2,000

 ATM Fee

 $2.50

 Outbound Transfer Fee

 $20

 Miscellaneous Fees

 Removed

1Example: Average daily investment balance of $10,000 would equal a $3 monthly investment charge. Monthly investment charge will not exceed $10 in any given month. 

Please note: Optum Bank is offering a modified single HSA product for new UnitedHealthcare business on its small business platform. 

Existing Business
The modified HSA product is offered to existing UnitedHealthcare business on the small business platform as well. Brokers impacted by the change have received notification. 

There is no immediate impact to UnitedHealthcare’s clients on the non-standard large client benefits platform. Clients may transition to this new product upon their renewal date.

*
Source: 2015 Year-end Devenir HSA Market Survey.

January 1, 2018 PDL Updates


The following updates will take effect for the OptumRx direct Prescription Drug Lists (PDLs) on January 1, 2018. Learn more

New Sales Automation Management Tool


Check out our new Sales Automation Management (SAM). Learn more

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