What is an HSA?

Health Savings Accounts (HSAs) give employees the option to set aside pre-tax income for future qualifying medical expenses. You are only eligible for an HSA if you are enrolled in a high-deductible healthcare plan. HSA funds can be used at any point in the future — not just within the plan year — making this an excellent way for you to save for future medical costs. HSA funds can also be invested tax-free, and that growth can be used without penalty after the retirement age is met.


Pre-tax Contributions

HSA funds are pre-tax contributions you make automatically. Your employer may also contribute, but this is not required.

No Taxes on HSA Funds

You pay no taxes on the money you put in or take out of your HSA. However, you may pay a penalty if you use your HSA funds for a non-eligible expense.

Yours Forever

You don’t lose your HSA funds at the end of the year; those funds roll over and are always there for you to use or invest.

Cover Your Health Care Costs

You can use your HSA dollars to cover health care costs until you reach your plan’s deductible. Then, you can then use HSA funds to pay coinsurance or copays until you reach your out-of-pocket limit.