Health Savings Account (HSA)
We understand how important it is to have the freedom to make your own decisions regarding your healthcare dollars.
A Health Savings Account (HSA), combined with the High Deductible Health Plan, can help put your healthcare spending choices back into your hands. Enrolling in the High Deductible Health Plan, which is governed by the IRS, makes you eligible to participate in an HSA.
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What is an Health Savings Account (HSA)
An (HSA) is a personal healthcare bank account that you can use to pay out-of-pocket medical and prescription drug expenses with pre-tax dollars. An HSA allows you to:
- Be prepared for unexpected healthcare expenses not accounted for in your personal finances.
- Increase tax savings.
- Save and “roll over” money if you do not spend it in the calendar year.
- Carry it with you. The money in your account is always yours, even if you change health plans or jobs.
- Create healthcare savings for retirement.
Who Can You Use It for
You, your spouse, and dependent children — even if they’re not covered by your health plan — can use your HSA to pay for qualified medical expenses.
Advantages of an Health Savings Account (HSA)
- Contribute pre-tax and post-tax dollars.
- Contribute up to $4,500/individual and $9,000/family pre-tax dollars. Participants age 55 or older can contribute an additional $1,000.
- Unused funds roll over from year to year.
- Your HSA stays with you, even if you switch employers, change health plans, or retire.
- If you have an HSA somewhere else, you can transfer the balance to your new HSA.
- Your money can earn interest. Plus, you can enjoy investment options.
Common Eligible Expenses
As long as you have a balance in your HSA, you may use the funds to pay or reimburse yourself for:
- Deductibles, copays, and coinsurance
- Eligible prescriptions
- Vision care, including laser eye surgery
- Dental care, including orthodontia
IRS Publication 502 provides a complete list of eligible expenses and can be found at www.irs.gov.
You Are Eligible to Contribute to an HSA If
- You are covered by an HSA-eligible High Deductible Health Plan (HDHP).
- You are not covered by other health insurance.
- Your covered spouse is not enrolled in a Flexible Spending Account (FSA) or Health Reimbursement Account (HRA).
- Your non-covered spouse is not enrolled in a FSA.
- You are not enrolled in Medicare.
- You are not receiving Social Security benefits.
- You have not received Veterans Administration benefits.
- You are not claimed as a dependent on someone else’s tax return.
Individuals age 55 or older may make an additional $1,000 annual contribution to their HSA.
Action Required: Verify Your Identity to Use Your HSA
To comply with federal requirements under the Patriot Act, identity verification is required before accessing HSA funds.
HSA Debit Card: Pay Yourself Back
Pay for eligible expenses with cash, check, or your personal credit card. Then withdraw available funds from your HSA to pay yourself back. You will only be reimbursed up to the available balance you have in your HSA. You can even have your payment deposited directly into your checking or savings account.
Get Started
To be completed