Health Savings Account

A Health Savings Account (HSA) is an account that can receive contributions on a tax-deferred basis on behalf of an eligible individual and allows tax-free distributions used to pay for qualified medical expenses.

You can use the money in the account to pay for medical expenses for yourself, your spouse, or your dependent children. You can pay for expenses of your spouse and dependent children even if they are not covered by your high-deductible health plan (HDHP).

We manage the entire HSA process for you, including sending you monthly statements, issuing you a Visa debit card and HSA checks to make qualified medical payments, and providing 24/7 online and telephone employee access to your account.

HSA Benefits

• You can claim a tax deduction (up to certain limits, consult your tax advisor for more details) for contributions you, or someone other than your employer, make to your HAS even if you do not itemize your deductions on FORM 1040
• The contributions remain in your account from year to year until you use them
• The interest or other earnings on the assets in the account are tax-free
• Distributions may be tax free if you pay qualified medical expenses
• An HSA is “portable” so it stays with you if you change employers or leave the work force

HSA Requirements

• Must be covered under a high-deductible health plan (HDHP)
• Cannot be covered by another health plan that is not an HDHP
• Not eligible to be claimed as a dependent
• Must have HDHP coverage on the first day of the month to contribute for that month
• Are not enrolled in Medicare