Health Savings Account ( HSA )
Administered by HealthEquity
When you enroll in the High Deductible Health Plan , you are allowed to open a Health Savings Account ( HSA ). This allows you to put money away tax free through payroll deductions , let it accrue interest tax free , and then use it for qualified medical , dental and vision expenses tax free .
What is an HSA ?
With an HSA you own the account and it is fully portable . Balances roll over year after year , growing tax free . You never lose your contributions to your HSA , unlike other health accounts , such as a flexible spending account ( FSA ). Even if you change jobs , health plans , or retire , you keep your HSA .
HSA ’ s can be used to pay for eligible medical , dental and vision expenses for you , your spouse , and any family member who qualifies as a tax dependent . ( See IRS Publications 969 for a list of eligible expenses ). This includes things like pre-deductible medical expenses and prescription costs .
Who ’ s Eligible for an HSA ? Anyone meeting the following requirements is eligible for an HSA . � Be enrolled in a qualified high deductible health plan . � Have no other health coverage except what ’ s permitted by the IRS ( see IRS Publication 969 ). � Not be enrolled in Medicare . � Not be claimed as a dependent on someone else ’ s tax return . Yearly HSA Contribution Limit Individual HSA : $ 4,150 * for 2024 Family HSA : $ 8,300 * for 2024 * A $ 1,000 additional catch up contribution is allowed for account holder ’ s age 55 + Benefits of an HSA
� Pay for qualified medical , dental and vision expenses with tax free dollars . � Lower health insurance premiums with an HSA qualified health plan . � Keep your contributions year after year and watch your balance grow . There is no “ use it or lose it .” It ’ s yours . � Invest your balance over the threshold amount to grow your HSA further .
Here ’ s How an HSA works You decide the annual amount you want to contribute to your HSA ; not to exceed the yearly IRS limits . Your contributions are deducted from each paycheck pretax , and deposited into your HSA .
You can pay for eligible medical , dental and vision expenses with your HSA debit card . You may also pay the provider directly through your HealthEquity online account , or you can request a reimbursement if you paid out-of-pocket and did not use your HSA debit card .
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