Health Savings Account

Health Savings Accounts

One way to manage your health care expenses is by enrolling in a High Deductible Health Plan (HDHP) in combination with opening a Health Savings Account (HSA). A Health Savings Account, or HSA, is a unique, tax-advantaged account that can be used to pay for current or future healthcare expenses. When combined with a high-deductible health plan, it offers savings and tax advantages that a traditional health plan can't duplicate. With an HSA, members will have:

  • A tax-advantaged savings account: that they can use to pay for eligible medical expenses as well as deductibles, co-insurance, prescriptions, vision expenses, and dental care.
  • Unused funds that will roll over year to year. There's no "use it or lose it" penalty.
  • Additional retirement savings. After age 65, funds can be withdrawn for any purpose without penalty, but may be subject to income tax if not used for IRS-qualified medical expenses.
  • You can use your HSA to pay for the qualified medical expenses of anyone you claim on your taxes, even if you're only enrolled with single coverage. This is a great way to plan for unexpected medical expenses for the whole family.

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