Services » Health Savings Account (HSA)
A Health Savings Account, or HSA, is a medical savings account that lets you pay for out-of-pocket healthcare expenses with pre-tax dollars if you are enrolled in an HSA qualified High Deductible Health Plan (HDHP).
An HSA is an individual account, fully owned by the account holder in the same manner as a personal bank account. Once funds are contributed, whether by the employee, employer, or anyone else, you become the owner of the funds in your HSA immediately. Any interest or earnings on the HSA funds are yours. The money in your account remains yours even if you are no longer employed by your current employer and it remains in the account until you spend it; there is no deadline to spend these funds.
An HSA offers you a triple tax advantage as well as a method to save for future healthcare expenses. Contributions, interest and investment earnings, and payments from your HSA (for qualified medical expenses) are all tax free.
On average, participants save $27 in taxes for every $100 they contribute to their HSA.