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Discover HSA Advantages

HSAs work in combination with HSA-compatible health plans. The health plan is used to cover serious illness or injury, while the HSA is used for current or future expenses that are not paid by the health plan. Is an HSA right for you? Try our calculating tools or view an online demo to see what an HSA can do for you.
HSA Magnifying Glass

Challenge the Myths

There are many myths surrounding who an HSA is right for and how an HSA can be utilized.  The problem with myths is that they are often based on perceptions rather than facts.   

View HSA Bank's 2010 Benchmark Survey for the facts on who is using HSAs and how it is affecting the way they use healthcare.

Why Open an HSA?

 

Flexible Options

  • Even if your HSA-compatible coverage ends, you can still use your HSA funds tax-free for eligible medical expenses.
  • Contributions can come from employers, accountholders or third parties.
  • There is no “use it or lose it” philosophy. If you don’t use it, save it for next year. Or better yet, for retirement.
  • You can fund your HSA with an existing HSA, MSA, HRA or IRA.
  • You’re in control. You choose when to use your HSA or pay out-of-pocket.
  • After age 65, HSA funds can be used for non-qualified expenses and only income tax is assessed.



    Tax Advantages

  • HSA contributions are tax-free or tax-deductible.
  • Withdrawals are tax-free when used to pay for qualified medical expenses.
  • Earnings grow tax-deferred.



    Long-term Investment Opportunities

  • HSA funds can be invested for the possibility of greater earning potential. (HSA Bank does not provide brokerage services; brokerage services are provided by TD Ameritrade and DEVENIR.)
  • Choose from a wide variety of stocks, bonds and mutual funds.

     

    HSA Tips

    Save your receipts
    You aren’t currently required to substantiate purchases upfront, but it’s important to have documentation in case of an audit.

    Cover your deductible
    If you choose to invest your HSA dollars, keep enough in your account to cover your deductible.

    Contribute what you save on healthcare premiums
    To build your HSA, calculate what you would have spent on premiums and put the difference in your account.

    Save as you spend
    Even if you can’t afford to save your HSA funds, use them for medical expenses to collect the tax savings.

    For more tips, please view What can an HSA do for you.