Are there any restrictions or limitations on using OptumHealth Bank accounts?

Yes, there are certain restrictions and limitations on using OptumHealth Bank accounts. First and foremost, these accounts are intended for use with qualified high deductible health plans (HDHPs) only. Therefore, individuals must be enrolled in an HDHP to open and contribute to an OptumHealth Bank account. Additionally, contributions made to these accounts are subject to annual limits set by the Internal Revenue Service (IRS). There are also specific rules regarding the types of eligible expenses that can be paid for using the funds in an OptumHealth Bank account, which are determined by IRS guidelines. It is important to note that funds in these accounts cannot be used for non-health related expenses without incurring penalties. It is recommended to review the account terms and conditions for more detailed information on the restrictions and limitations associated with OptumHealth Bank accounts.