Health Savings Account

Health Savings Accounts are great ways to help you save for the future. Once you become eligible and start contributing to your HSA, that money will stay with you year after year, even if you change jobs or are no longer eligible to contribute.

  • HSA stands for health savings account
  • HSAs are owned by an individual, not an employer or health plan
  • HSA funds can be used tax free anytime for eligible medical expenses
  • A qualified high-deductible health plan is required to be eligible for an HSA
  • HSA contributions from an individual reduce taxable income
  • HSA contributions from employers are tax-deductible
  • HSAs earn interest and can be invested for additional income
  • All interest and investment income from HSA deposits are tax free
  • Balances roll over from year to year and never expire
  • Funds used for non-health expenses after retirement are taxed as income, just like an IRA or 401(k)