Health Savings Account (HSA)

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Your Personal Medical Savings Account

A Health Savings Account (HSA) is designed to help you manage the rising costs of health care by allowing you to set aside money to pay for out-of-pocket medical expenses and save for retirement. You can think of it as a personal savings account specifically for medical expenses, where unused funds will earn interest until they are withdrawn at retirement. With this type of account, you can choose whether you want to defer your money on a tax-deductible basis or have it contributed pre-tax through payroll deduction.

Reasons to Consider an HSA

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Tax Benefits

If you contribute through payroll deduction, the money will be set aside on a pre-tax basis1. You can then access these savings to cover eligible medical expenses, without ever having it taxed.
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Retirement Savings

HSA funds can be invested and any unused amount will continue to gain interest until you can withdraw penalty-free, after age 65.
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Funds Roll Over

Any unused HSA dollars will roll over each year, so your money remains in your account. It doesn’t expire or become forfeited at the end of the year.

How It Works

In order to use an HSA, you must have a High Deductible Health Plan (HDHP). A qualifying HDHP is a medical insurance plan that includes an individual deductible of at least $1,300 or a family deductible of at least $2,600 per year.

Once you have an HDHP in place, you may open an HSA. An HSA is essentially a savings account where you can defer money on a tax-deductible (or pre-tax, if made by payroll deduction) basis to cover future medical costs. It can be invested or just sit there, depending on your comfortability. The money can be withdrawn, tax-free, to pay for qualified medical expenses, such as unreimbursed health care bills. Any unused money is rolled over to the next year.

Eligibility requirements:

You’re eligible to participate in a Health Savings Account if you:
  • Have health coverage under a qualifying HDHP
  • Are not eligible for Medicare
  • Are not eligible to be claimed as a dependent on someone’s tax return
  • Are not covered by any other non-qualifying health plan (i.e. a health plan offered through your spouse’s employer)
  • And/or your spouse is not enrolled in a Health Care Flexible Spending Account (FSA)

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