What is a Health Savings Account (HSA)?
A Health Savings Account (HSA) is a long-term savings account you can set up to pay for health care expenses. You can contribute to a HSA pre-tax and post-tax.
Where do I sign up for a HSA?
You can open a HSA through most major financial institutions. Our HSA partner is Health Equity.
How much can I contribute?
Starting in 2021, you can contribute up to $3,600 ($7,200 for a family plan) in pre- or post-tax dollars during the year.
How much can I save?
Health Equity provides a number of features including guides, tutorials, and a savings calculator that can help you determine how much your future balance could be if you contribute to a HSA.
What can I use my HSA dollars on?
You can use your HSA funds to pay for a wide variety of qualified medical expenses, including, but not limited to:
- Doctor appointments and procedures
- Imaging services (like CT scans/MRIs) and lab tests
- Medical equipment and prosthetics
- Prescriptions and medical supplies
- Physical and occupational therapy
- Dental and vision care
- Psychiatric care and psychotherapy
There’s also a shortlist of things you can’t spend your HSA dollars on, such as:
- Child care
- Cosmetic surgery
- Controlled substances
- Diaper services
- Household help
- Nutritional supplements and non-prescribed drugs.
- Gym memberships or weight loss programs (unless medically prescribed)
View the full list of qualified medical expenses on the IRS website.
What happens if I don’t use all of my money by the end of the year?
Unused funds will roll over for the next year so you can use it to pay for future health care expenses.
What if I don’t buy a HSA-compatible plan in the future?
You can still use the money in your account to pay for health care expenses, but you won’t be able to contribute any additional money unless you remain with a HSA-compatible plan.