What is a Health Savings Account (HSA)?
A Health Savings Account, or HSA as they are commonly referred to is a pre-tax savings account used to pay qualified medical expenses. Contributions are tax-deductible and distributions are tax-free.
Am I eligible?
If you are covered by a HDHP, (high deductible health plan) you may be eligible as long as you are not covered by another nonHDHP, not enrolled in Medicare, and are not eligible to be claimed as a dependent.
How do I open an HSA?
Just call to make an appointment. Bring your proof of eligibility and we will be glad to get you started.
For questions, or to open an HSA account: call 260-589-2151 or 800-589-7848.
Who can contribute to an HSA?
Contributions can be made by an eligible individual, his or her employer, or any other person.
How do I take a distribution?
Checks and/or debit card will be used to pay medical bills from your HSA account.
What happens to the money left in my account at the end of the year?
Your unused contributions or accumulated interest will roll over to the next year. At age 65 you can make withdrawals from your HSA for any reason without penalty.
What are the benefits of an HSA account?
- Lower insurance premiums
- Tax deductible
- Employee is owner of account
- Care providers and hospitals are patient's choice
- Funds earn interest and roll over each year if unused. Interest is tax free if used for qualified medical expenses and tax deferred if used for income at retirement.
- Funds can be used to pay other uncovered medical expenses, along with dental and vision.