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HSA Resources
Health Savings Account
Available Now
A Health Savings Account, or HSA, allows you to pay for a wide range of healthcare expenses using pre-tax dollars deducted from your paycheck OR after-tax dollars that can be deducted from your annual tax return. HSAs are the only savings vehicle to enjoy a triple federal tax advantage with contributions, qualified withdrawals for medical expenses, and dividends on HSA balances being tax-free.
HSAs are designed to encourage employers to offer health care benefits to staff members in the face of rising health care costs and to encourage consumer enrollment in health care benefits.
A High Deductible Health Plan (HDHP) carries a higher deductible (qualifying plans have a minimum "high deductible" of $1,200 for individual, or $2,400 for family coverage in 2010), but can be paired with a Health Savings Account to offset health care expenses until the deductible limit is satisfied.
In exchange for assuming the responsibility for a set dollar amount of medical expenses each year (the deductible), individuals benefit from lower premiums, tax incentives, and greater control over how they spend their healthcare dollars. Further, the accounts are individually-owned, and therefore move with the individual as they change jobs, health plan carriers and locations.
