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An HSA is much like a savings account, but the funds are reserved just for eligible healthcare expenses. Unlike a simple savings account, the money is deposited tax free or tax deductible, and the funds remain tax free when used to pay or reimburse for eligible medical expenses. The interest and earnings grow tax free.*
*Talk to your tax advisor to determine if earnings and dividends are taxed in your state.
*When it comes to accessing funds, an HSA is like a savings account. You only have access to the funds that have accumulated in your account. If your medical expenses are $5,000 and you have $2,000 in your account, you can use the $2,000 now. Your account will grow again, and you can reimburse yourself the remaining $3,000 over time. As long as your medical expenses are incurred while you have the HSA account, you can use the account to cover those expenses.
† You must have a legal prescription from a physician even for over-the-counter medications.