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Is an HSA Right for Me?

Health Savings Accounts offer great benefits over other health-based savings accounts. Not only can you save on premiums, taxes and future expenses, you can also invest your funds for even greater earning potential. HSAs also promote positive changes in spending behavior by giving accountholders a more active role in their healthcare.

Premium Costs

HSA-compatible health plans generally have lower premiums than traditional plans which could save you hundreds of dollars each year. To maximize your savings, consider using the money you would have spent on premiums to fund your HSA.

Tax Savings

HSAs provide tax benefits when funds are contributed, as they grow and even when they are distributed.

Future Expenses

It’s easy to save for the future with an HSA. Our Future Value Calculator helps you determine how much you can save and earn just by using your HSA for medical expenses.

Investment Options

HSA dollars can be invested for increased earning potential. HSA Bank offers investments through TD Ameritrade and a Mutual Fund Selection option. Your invested funds can be withdrawn to pay for medical expenses, if needed.

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Consumer Behavior

Those who participate in consumer-driven health plans (CDHP) tend to be more value conscious and attentive to wellness prevention. HSA Bank’s annual Benchmark Survey revealed that:

  • Nearly 73 percent of respondents with an HSA-compatible health plan chose that plan over a traditional health plan.
  • Respondents rated their overall health the same, regardless of the type of health plan they selected.
  • Respondents with an HSA-compatible health plan opted to forego or delay treatment due to cost at the same rate as those with a traditional health plan.
  • Respondents with an HSA-compatible health plan were 10 percent more likely to ask about the cost prior to making an appointment compared to those with a traditional health plan.
  • Respondents with an HSA-compatible health plan chose a lower cost treatment alternative nearly 10 percent more often than those with any other type of health plan.