HEALTH SAVINGS ACCOUNT (HSA)
You’re eligible to open an HSA if you are:
- Enrolled in the High Deductible Health Plan
- Not enrolled in other non-HDHP medical coverage, including Medicare, Medicaid, or Tricare.
- Not claimable as a taxable dependent.
A Health Savings Account (HSA) is an easy way to pay for healthcare expenses today, using pre-tax money, and save for expenses you may have in the future.
To find see the complete Internal Revenue Service definition of qualified medical expenses
Catch-up contributions $1,000 for age 55+
Four reasons to love an HSA
01
Tax-free. No federal tax on contributions, or state tax in most states. Withdrawals are also tax-free as long as they’re for eligible healthcare expenses.
02
No “use it or lose it.” Your balance rolls over from year to year. You own the account and can continue to use it even if you change medical plans or leave the company.
03
Use it now or later. Use your HSA for healthcare expenses you have today or save it to use in the future.
04
Boosts retirement savings. After you retire, you can use your HSA for healthcare expenses tax-free, or for regular living expenses, taxable but no penalties.
