An HSA is a tax-advantage personal savings account that can be used to pay for medical, dental, vision and other qualified expenses now or later in life.

To contribute to an HSA, you must be enrolled in a qualified high-deductible health plan (HDHP) , and your contributions are limited annually. You will elect a total dollar amount to contribute to your account, funded in the form of pre-tax payroll deductions. The funds can be invested, making it a great addition to your retirement portfolio. If your employer offers payroll deduction, you’ll see immediate tax savings on your contributions.

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You can use the money tax-free to pay for eligible expenses such as:

• Copays & Deductibles

• Prescriptions

• Dental Care

• Contacts & Eyeglasses

• Hearing aids

• Laser Eye Surgery

• Orthodontia

• Chiropractic Care

 

HSAs are unique in the following ways:

• HSA balances can roll over from year to year; you will never lose unused balance

• Employees and their employers can both contribute to an employee’s HSA

• HSAs are individually owned, meaning the account stays with the employee even if they switch jobs or insurance plans