HEALTH SAVINGS ACCOUNT
Health Savings Accounts (HSA) were created to help you pay current health care expenses and allow you to save for future ones. The money you set aside to go into the account as well as the earnings and withdrawals on it all tax free!
HOW CAN YOU SAVE?
Determine the amount you expect to spend in the upcoming year on eligible expenses.
Enroll in what is known as a high deductible Health Plan that has an HSA.
Choose the amount you want to contribute or the amount allowable by IRS as applicable to you.
Score additional earnings each and every month as your HSA produces interest for you.
Your HSA funds can be saved for expenses in the future. Unlike an FSA, any unused funds will roll over from year to year.
If your HSA gets to a minimum balance of $1000 you may open an investment account allowing you to invest in a variety of mutual funds. You win three different ways as the money you set aside, the earnings on the account and the withdrawals are all tax free!
Not sure how much to contribute? Or how much you’ll save?
Your specific plan determines the IRS limit applicable to you. Check our frequently asked questions for more information on the current limits.