Free Health Savings Accounts

A Health Savings Account (HSA) is a tax-exempt account to save and pay for medical expenses. They work great in conjunction with a high-deductible health insurance plan. Many members elect to auto-deposit a certain percentage of their pay into their HSA year-round.

When applied to qualified medical expenses, all withdrawals are tax free
Contributions are 100 percent deductible
Provides the option to choose a lower cost health care plan
Your earned interest is tax-deferred
You own your account, and your unused balance
can be carried from year to year, earning interest

Must be enrolled in a high-deductible health insurance plan to open or contribute to an HSA
Must be 18 years old or older and not listed as a tax dependent
Cannot be covered by another health insurance plan, including Medicare
There are limits to how much you can contribute. You should consult your tax advisor with any questions about the tax benefits and tax liabilities associated with an HSA.