A Health Savings Account (HSA) is a tax-advantaged account created for or by individuals covered under high-deductible health plans (HDHPs) to save for qualified medical expenses. Contributions are made into the account by the individual or their employer and are limited to a maximum amount each year.
The contributions to an HSA are invested over time and can be used to pay for qualified medical expenses, such as medical, dental, and vision care and prescription drugs.
HSA Benefits
- HSA-eligible health plans typically have lower monthly premiums, giving the employee an opportunity to contribute those savings into an HSA.
- The HSA stays with the employee, even if the employee leaves the employer.
- Unlike and FSA, unused funds stay in the account from year to year and earn interest tax-free.
- Money goes in tax-free, grows tax-free and withdrawals are tax-free if used on eligible items.
Online and Mobile Access
- View account balance and activity
- Submit qualified expenses for reimbursement
- Make contributions
- Invest and view investment activity
- View important alerts and communications
- Find ways to save on prescriptions with the virtual medicine cabinet
- Search for providers or procedure and drug prices
- Access a funding calculator to help save for the future