If you have a High-Deductible Health Plan (HDHP), opening an HSA will allow you to set aside tax-free dollars to pay for eligible IRS-qualified medical expenses that aren't covered by your health plan.
There are many benefits to opening an HSA, including:
Tax savings. You don't have to pay taxes on the funds you save in your HSA. You can contribute to your HSA up to the maximum IRS contribution limits.
Healthcare savings. By using tax-free dollars to pay for eligible IRS-qualified medical expenses, you're actually paying less than you would pay out-of-pocket.
Rollover benefits. Unlike some other accounts, your HSA dollars roll over from year to year. There's no "use it or lose it" policy -- even if you change jobs or health care plans.
Investment options. You can grow your HSA by investing your savings in self-directed investment offerings. The interest you earn from HSA investments is not taxed as long as the funds remain in the HSA Bank savings account.
Who can open an HSA?
It's easy to determine if you are qualified for a Health Savings Account (HSA). You are qualified for an HSA if:
To be certain you're eligible follow these general guidelines:
- You are covered by a single or family HDHP.
- You are not covered by any other health plan, unless it is also a HDHP.
- You are not enrolled in Medicare.
- You cannot be claimed as a dependent on another person’s tax return, excluding your spouse.
Why choose HSA Bank?
HSA Bank is one of the largest and most experienced HSA providers in the country. We are known for our best-in-class customer service and the quality of our HSA investment options. We have the experience to help you get the most out of your HSA.
How to open your HSA
If you have an HDHP through your employer and they told you about HSAs, please contact them for more information about how to enroll.
If you've purchased an individual HDHP on your own and would like to open an HSA, you can enroll online. For current rates and fees click here.
If you have any question, just contact our Client Assistance Center.