Health Savings Accounts (HSA)

A Health Savings Accounts (HSAs) is a type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses. By using untaxed dollars in a Health Savings Account (HSA) to pay for deductibles, copayments, coinsurance, and some other expenses, you may be able to lower your overall health care costs.

While you can use the funds in an HSA at any time to pay for qualified medical expenses, you may contribute to an HSA only if you participate a High Deductible Health Plan (HDHP) sponsored by your employer. A HDHP is generally a health plan that only covers preventive services before the deductible.

While participants are unable to participate in a Medical Expense FSA, they CAN participate in a Limited Purpose FSA (LPFSA).

How to use your Health Savings Account

Using your HSA is easy. As your account accumulates value from routine payroll deduction you elect during open enrollment, you simply pay for eligible expenses using a debit card linked to your account. You can track account balances, activity, upload receipts, etc using the FSA mobile app.

Participants in a HSA Plan are not eligible to participate in a Flex Spending Reimbursement Account as the two type of accounts serve a similar purpose.

HSA funds roll over year to year if you don’t spend them.