What is a Health Savings Account (HSA)?

A Health Savings Account (HSA) is a great way to help you control your healthcare costs. It works in conjunction with a qualified High Deductible Health Plan (HDHP) to combine tax-free savings earmarked for qualified medical expenses.

An HSA allows you to set aside money to pay for higher deductibles associated with a lower monthly premium HDHP. The money you save in monthly insurance premiums is reserved for eligible medical expenses you incur in the future.

Eligible expenses include things like co-pays and deductibles, prescriptions, vision expenses, dental care, therapy and medical supplies.

Highlights

• Balances roll over from year to year and earn interest along the way.
• Portable – you keep it even after you leave employment.
• Tax advantages – invest money in mutual funds to grow your tax savings for either future healthcare costs or retirement.
• Pay for expenses with a benefits debit card that gives you immediate access to your money at the time of purchase.
• Expenses also can be reimbursed through our online portal, online bill pay directly to your provider or submitting a distribution request form.
• Receipts are not required for reimbursement, but be sure to save them for tax purposes.

Highlights

• Contributions are automatically deducted from your paycheck on a pre-tax basis, which helps reduce your taxable income and increase your spendable income.
• Your full election will be available to you at the beginning of the plan year.
• Be conservative – any money left in your account at the end of the plan year with be forfeited.
• Use your benefits card to pay for qualified expenses upfront so you don’t have to spend money out of pocket.
• Keep all receipts in case you need to substantiate a claim for tax purposes.