Health Savings Accounts

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.

HSA VIDEO

Minimum Health Insurance Plan Deductible Amounts for the Qualifying HDHP
  • 2024
  • Individual Coverage
  • Family Coverage
  • 2024
  • $1,600
  • $3,200
  • 2025
  • $1,650
  • $3,300
Annual Maximum Contribution Levels
  • 2024
  • Individual Coverage
  • Family Coverage
  • 2024
  • $4,150
  • $8,300
  • 2025
  • $4,300
  • $8,550

Catch up allowed for those 55 and over – $1,000

HSA Resources

HSA Store & Eligibility List

The HSA Store is the only site that exclusively sells HSA-eligible products and services. The online marketplace offers more than 4,000 products and connects consumers to a national database of providers as well as an HSA Learning Center. Learn more >