Tax Savings Education Series: Health Savings Account (HSA)

Have a high deductible health plan and want another way to save for your health? A Health Savings Account (HSA) is a great way to set aside money to use for qualified expenses while allowing you to grow your savings tax-free. Plus, you can use this money anytime — now or in the future.

Here are a few advantages of having an HSA:

It offers triple tax benefits.

The money you contribute to your HSA is pre-tax or tax deductible. Your earnings grow income tax-free and you can make tax-free withdrawals at any time.

It can be used for a variety of health needs.

HSA funds can be used to pay for qualified expenses such as dental and vision care, prescription medications, certain over-the-counter (OTC) medications, chiropractic services, acupuncture and more.

You own your money.

Whether you change employers, switch health plans or retire, your money is yours to keep. Any money deposited into your HSA is available for you to spend on eligible expenses.