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.
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