Health Savings Account (HSA)
A Health Savings Account (HSA) works with a qualified High Deductible Health Plan (HDHP), and lets you set aside a portion of your paycheck—before taxes—into an account to help you pay for medical expenses you owe before you reach your deductible or that aren’t covered by your plan. It can also help you plan for future medical expenses.
Please check with your HR director or insurance provider to determine if your health plan is considered a “qualified HDHP”. This is a requirement of the IRS for having an HSA.
An HSA is smart for many reasons!
- HSA accounts are FDIC-insured and interest-bearing.
- When you set up an HSA, it’s yours regardless of whether you change employers.
- Funds carry over from year to year so you don’t have to stress at year-end about using or losing what’s in your account at the end of the year.
- You can make contributions anytime during the year, up to the annual maximum.
- All your contributions are tax-deductible.
- Withdrawals for eligible expenses are always tax-free and, when you turn 65, withdrawals for non-medical expenses are treated similarly to a regular IRA.
- Use the convenient debit card to easily access the funds in your account.
An HSA Provides You 4 Ways to Reduce Your Healthcare Spending:
Mutual funds are not a financial institution product, not an FDIC insured product, may go down in value and are not guaranteed by any government agency.
Reasons to sign up for an HSA today:
- Enrollment is easy and can be done online in a few minutes.
- Debit card gives you convenient access to HSA funds and can be used at clinics, hospitals, and pharmacies.
- Access your account anytime on the secure and easy-to-use website.
- The online Healthcare Toolbox provides important information to help you make decisions about your health insurance choices and healthcare.
- User-friendly, web-based portal lets you manage account information, see your balance, select to get helpful reminders sent via email and manage your investments.