The information provided here is general and intended to answer the most asked questions about a Health Savings Account. Since this type of savings account is the responsibility of the account owner, we urge you to seek specific information from your employer, tax advisor or accountant.
A Health Savings Account (HSA) is a tax-advantaged medical savings account that you own. It is a great way for individuals and families to help cover the cost of medical and health-care expenses.
How can a HSA benefit me?
- No administrative fee
- Dividends earned grow tax-free
- Reduced income tax liability
- Supplements your High Deductible Health Plan (HDHP)
- Pays for qualified medical expenses
- Open with a low minimum of only $50
- Tiered interest rates reward your long term savings program
- Easy access to funds with HSA checks or an HSA debit card
- The money belongs to you as an employee. If you change jobs or move, the money stays in your account and goes with you to use on qualified medical expenses.