Health Savings Accounts
CLICK HERE to open a Health Savings Account
What is a Health Savings Account (HSA)?
Health savings accounts allow people to pay for qualified out-of-pocket medical expenses using pre-tax dollars. Unlike more traditional health care accounts, the funds in an HSA belong to the individual, not the employer or the insurance company, and travel with the individual. In order to take advantage of this tax deferred savings new benefit, individuals must purchase a specific type of health insurance coverage called a High Deductible Health Plan (HDHP).
What is an HDHP?
Individuals are covered for large expenses and pay for their day-to-day expenses, usually up to the amount of the deductible.
Benefits of HSA’s
- Pre-tax dollars can be used to pay for qualified medical expenses
- You are in control of more of your health care decisions
- Funds left in an HSA can grow, tax deferred
- Your account stays with you even if you change employers
- After age 65 you can withdraw your funds and they are only taxed as ordinary income
Qualified Medical Expenses
- Doctor visits
- Prescription drugs
- Dental services
- Vision care (including contact lenses, glasses, and Lasik surgery)
- View a complete list of HSA Eligible Expenses.
