A Health Savings Account 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.
- Not enrolled in Medicare
- Not claimed as a dependent on another’s tax return
- Don’t have additional health coverage that isn’t a qualified HDHP
- Are covered by an HSA-eligible HDHP
Advantages of a Health Savings Account
- Funds contributed to the account may be tax-deductible*
- Interest on your account accumulates tax-free*
- Withdrawals for qualified medical expenses, as defined by the IRS are tax-free*
- Unused funds and interest are carried over from year to year
- The account is yours to keep, even when you change plans or retire