Health Savings Accounts (HSA)

A Health Savings Account is an investment that gives you the flexibility to manage your health care expenditures for you and your family, while saving money on a tax-free basis.

• Qualified contributions may be deducted on your income taxes.
• Your account balance and interest earned will carry over from year-to-year and will grow tax-free.
• A health savings account gives you a tax-free way to pay for qualified medical expenses.
• Distributions may be tax-free if used for qualified medical expenses.

Qualifying for an HSA: To be an eligible individual and qualify for an HSA you must meet the following requirements:

• You have a high deductible health plan (HDHP).
• You are not covered by another plan that is not an HDHP.
• You are not enrolled in Medicare.
• You cannot be claimed as a dependent on another individual's tax return.