Health Savings Account (HSA) Details

Health Savings Accounts (HSA) is a powerful financial planning tool to help you manage your healthcare expenses. A Health Savings Account is a tax-advantaged account that can be used to pay for current or future qualified medical expenses.

Similar to a retirement savings plan, you contribute a portion of your paycheck into this account before taxes, subject to certain limits, reducing the amount of federal income tax you pay for the year. Then, you can make tax-free withdrawals to pay for qualified healthcare expenses such as:

HSA Benefits

*Distributions for non-qualifying medical expenses prior to age 65 or the time you become eligible for Medicare will be subject to ordinary income tax,as well as an additional 10% penalty.