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Use pre-tax* dollars for qualifying medical expenses. And unlike other plans, your account stays with you from year-to-year.

  • Greater personal control over healthcare management and expenses
  • Prepare for qualified medical expenses
  • Earn interest above standard savings on entire balance
  • Receive higher rates on larger deposits
  • An HSA provides triple tax savings:
    • Tax deductions when you contribute to your account
    • Tax-free earnings through investment
    • Tax-free withdrawals for qualified medical, dental, vision expenses, and more*
  • Contributions are tax-free and can be made by you, your employer, or a third party
  • Funds can be withdrawn at any time**
  • No monthly service fee
  • No minimum balance requirements
  • Unused funds remain in account year after year; no "use it or lose it" policy
  • Keep your HSA in your name, regardless of career or life changes
  • No minimum deposit to open

Health Savings accounts (HSAs): The Basics

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In order to have an HSA, you must be covered under a HSA-compatible High-Deductible Health Plan (HDHP). Not all HDHPs are HSA-compatible, so check with your insurance provider to ensure it meets all requirements.

In addition to having an HDHP, you must also meet the following requirements.

  • You cannot be enrolled in Medicare.
  • You cannot be claimed as a dependent on anybody else's tax returns.
  • You may not be covered by another health plan (some limited exceptions do apply). 

You and your spouse (if applicable) generally cannot have additional health coverage that is not an HDHP. An individual who is covered by a qualified HDHP may, however, qualify for an HSA even if his/her spouse is covered by a non-HDHP plan. Accident, disability, dental, vision and long-term care insurances do not affect your ability to qualify for an HSA.

*Consult a tax advisor.

**You can withdraw funds at any time for any purpose. However, if funds are withdrawn for reasons other than qualified medical expenses, the amount withdrawn will be included as taxable income, and is subject to a 10% penalty.