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Health Savings Accounts
Created by Congress in 2003, Health Savings Accounts (HSAs) allow for eligible individuals to save for health-related expenses (including prescriptions) tax free!
In order to be eligible to own and contribute to an HSA, you must meet the following requirements:
- You have a high deductible health plan (HDHP), described later, on the first day of the month.
- You have no other health coverage except what is permitted under Other health coverage, later.
- You are not enrolled in Medicare.
- You cannot be claimed as a dependent on someone else's tax return.
If you meet these requirements, you are an eligible individual even if your spouse has non-HDHP family coverage, provided your spouse's coverage does not cover you.
Your HSA comes with these great features:
- Free Debit Card
- Interest-bearing
- Free Online Banking
To set up a Health Savings Account, there is a $20 setup fee and a $3 monthly service fee. The monthly service fee can be avoided if you maintain an average daily balance of $2,500. Other fees may apply, see your Account Agreement for more details.
Additional Resources on HSAs
You can find a wealth of information on HSAs via the following links:
Frequently Asked Questions
IRS Forms & Publications