WHAT IS AN HSA?

Health Savings Account, (HSA), is a unique, tax-advantaged account that can be used to pay for current or future healthcare expenses. When combined with a HDHP, it offers savings and tax advantages that a traditional health plan can’t duplicate. With a HSA:

• Members will have a tax-advantaged savings account that they can use to pay for eligible medical expenses as well as deductibles, co-insurance, prescriptions, vision expenses, and dental care.
• Members will have unused funds that will roll over year to year. There’s no “use it or lose it” penalty.
• Members will have the potential to build more savings through investing. Members can choose from a variety of self-directed investment options with no minimum balance required.
• Members will have additional retirement savings. After age 65, funds can be withdrawn for any purpose without penalty, but may be subject to income tax if not used for IRS-qualified medical expenses.