United States
"Health Savings Account (HSA)"

What is a Health Savings Account ?

A Health Savings Account is a tax-advantaged account created for or by individuals covered under high-deductible health plans (HDHPs) to save for qualified medical expenses. 

How Does Health Savings Account Work ?

HSA can be offered with high-deductible health plans and are funded with pretax dollars. The money save in your health savings account can be used for qualified medical costs.

Who is Eligible for Health Savings Account ?

To be eligible for HSA, you must be enrolled in a high-deductible health plan (HDHP) and not claimed as a dependent on someone else’s tax return.


What Expenses Are Eligible for HSA ?

The HSA contributions are invested over time and can be used to pay for qualified medical expenses, such as medical, dental, and vision care and prescription drugs.

Tax Benefits of Health Savings Account

An HSA offers triple tax benefits, including tax-deductible contributions, tax-deferred growth, and tax-free withdrawals for qualified health care expenses.

What is the HSA Contribution Limits ?

For 2023, the maximum amounts are $3,850 for individuals and $7,750 for family coverage. You can add up to $1,000 more as a catch-up contribution, if you are age 55 or older.

Benefits of Health Savings Account

Contributions have a 1 year vesting period and unused account balances at year's end may be carried over. HSA is portable, if employees change jobs, they can still keep their HSAs.

How to Open an Health Savings Account ?

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You can set up an HSA with many types of financial institutions including banks, credit unions, brokers, and insurance companies.