Health Savings Accounts are made to help you build tax-free savings for health care throughout your lifetime. These accounts make it easier to save so that you have funds to pay your medical deductible and other out-of-pocket expenses.
If you are enrolling in a qualifying, high-deductible health plan, you can build a tax-free health savings account (HSA) with a bank or financial institution of your choice. We've joined forces with HealthEquity® so you don't have to search; you can get set up with an integrated HSA with one of our trusted partners.
Building an HSA will give you control over how you save, invest and manage your healthcare dollars
You save money on taxes
You don’t pay federal taxes on HSA dollars that you put into your account, and most states also exempt these funds from taxes (except CA). Your employer can also put funds into your account before tax.
You own the account and contributions
The money you or your employer contribute to the HSA is yours to keep and use for health expenses, even if you change jobs.
Savings add up, year-over-year
Your account balance rolls over each year and remains available for qualified medical expenses, even if you change health plans, retire or change jobs. You do not give up unused funds in your account at the end of the year.
Invest extra money and earn interest
For most HSA's, you may have the option of investing additional funds once your account reaches a certain balance. With HealthEquity, you can start investing,
free of commissions and fees, when you have $2,000 or more in your account.
The money you save in an HSA can be used to cover eligible IRS-approved expenses like:
- Diabetic supplies
- Eye exams, eyeglasses, contact lenses and solution, and laser surgery
- Hearing aids
- Orthodontia, dental cleanings, and filling
- Prescription drugs (over-the-counter medicines only if bought with a prescription)
- Physical therapy, speech therapy, and chiropractic expenses
- Medicare premiums (after age 65)
How to open a HealthEquity HSA account
- Call us at 858.499.8300 or 800.359.2002. You can also download and return an HSA authorization form.
- Sign and return the form to activate your account.
- When you receive your HealthEquity Visa debit card and welcome kit, visit HealthEquity to set-up a one-time contribution or recurring payments through payroll deductions, a checking or savings account or other qualifying account.
Use your activated HealthEquity Visa debit card to pay for qualified health expenses.
Accessing your HealthEquity HSA online
If you have activated your HSA with HealthEquity, you can access your account to view your account balance and transactions. If you have any questions about your HSA, please contact HealthEquity’s HSA-certified Member Services Specialists at 1.866.346.5800.
*Note regarding tax-free statements: HSAs are never taxed at a federal income tax level when used appropriately for qualified medical expenses. Also, most states recognize HSA funds as tax-free with very few exceptions. Please consult a tax advisor regarding your state’s specific rules.