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Health Savings Account

A Health Savings Account (HSA) enables you to save, invest and spend funds for qualified medical expenses on a tax-advantaged basis. Unused funds roll over from year to year and continue to grow tax-free. Contributing funds lowers your taxable income, allowing you to build a "nest egg" for future healthcare expenses. Contributions to your HSA may be made by you, your employer or anyone else; however, the preferred tax treatment will only be realized by you.

To be eligible to open and contribute to an HSA, you must meet all of the criteria, defined by the IRS. Because you have to be enrolled in a High Deductible Health Plan, you do not have to submit claims or wait to be reimbursed for medical expenses. With your HSA, accessing your funds to pay for qualified medical expenses is simple and tax-free. The only time you may pay taxes or penalties on your HSA funds is if you make a non-eligible purchase or if you contribute more than the maximum contribution limit. However, both circumstances can be corrected free of tax penalties by April 15 of the following calendar year.