Whether you enroll in the HSA 3200 or HSA 5000, you can offset your overall medical costs with a Health Savings Account (HSA). It’s a personal savings account to use for healthcare expenses—both now and in the future. Use HSA funds to pay for qualified medical, dental, vision, and other healthcare expenses for yourself and your dependents or save your balance for retirement.
HSA Frequently Asked Questions
An HSA is a personal savings account that you can use to save and pay for healthcare. You can open an HSA if you’re enrolled in an “HSA-qualified” health plan. With an HSA, you have a tax-advantaged way to help you save for future medical expenses, plus greater flexibility in using your healthcare dollars. A few important HSA features: You own the account, so the money is yours to keep forever, even if you change jobs or retire; there is no “use it or lose it” rule, so unused money in your HSA rolls over to the next year; your HSA deposits and withdrawals (to pay for eligible expenses) are tax-free.
Your HSA account is available through Health Equity. Visit www.healthequity.com for account balance, reimbursement, and more.
You are eligible if you are enrolled in a high-deductible health plan (HDHP), are not covered by other health insurance, are not enrolled in Medicare, and cannot be claimed as a dependent on someone else's tax return.
HSAs offer triple tax advantages: contributions are tax-deductible, earnings grow tax-free, and withdrawals for qualified medical expenses are tax-free. Additionally, funds roll over year to year, and the account is portable.
Use HSA funds to pay for qualified medical, dental, vision and other healthcare expenses for yourself and your dependents. A full list of eligible expenses is maintained in IRS Publication 502.
For 2024, the contribution limits are $3,850 for individuals and $7,750 for families. Those aged 55 and older can make an additional catch-up contribution of $1,000.
As often as you like. Unlike a Flexible Spending Account, HSA contributions can be changed at any time without a qualified life event.
- You should consider an HSA if: You can afford to pay the deductible You’re in good health You use preventive services that are covered at 100% Don’t have a chronic condition Like low to no premiums per paycheck Would like to take advantage of triple tax savings, and Receive generous employer contribution toward your HSA