Health Savings Accounts (HSA)
A Health Savings Account (HSA) is an easy way to pay for medical, dental & vision expenses that you have today and save for expenses you may have in the future. All contributions are tax-free and can be adjusted as needed through out the year, anything left at the end of the year rolls-over staying in your account until you need it.
The HSA is not for everyone. You’re eligible only if you are:
- Enrolled in the HSA medical Plan.
- Not enrolled in other non-HDHP medical coverage, including Medicare, Medicaid, Tricare, a spouse’s or parent’s plan.
- Not a tax dependent.
Four reasons to love an HSA
- Tax-free. No federal tax on contributions, or state tax in most states. Withdrawals are also tax-free as long as they’re for eligible healthcare, dental & vision expenses.
- No “use it or lose it.” Your balance rolls over from year to year. You own the account and can continue to use it even if you change medical plans or leave the company.
- Use it now or later. Use your HSA for healthcare expenses you have today or save it to use in the future.
- Boosts retirement savings. After you retire, you can use your HSA for healthcare expenses tax-free, or for regular living expenses, taxable but without penalties.
Triple Tax Advantaged Benefit
- Tax-Free Contributions. Any income you deposit into your HSA is free from federal and most state income taxes.
- No taxes on interest, dividends, or capital gains allowing your saving to grow to cover your medical needs or retirement.
- No taxes when money is withdrawn for qualified medical, dental, & vision expenses
Two Ways to Enroll!
