Understanding HSA-eligible plans
A type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses. By using untaxed dollars in a Health Savings Account (HSA) to pay for deductibles, copayments, coinsurance, and some other expenses, you may be able to lower your overall health care costs. HSA funds generally may not be used to pay premiums.
Refer to glossary for more details.
separately to get started.
How to find an HSA financial institution
- Research HSA providers online.
- Check with your health insurance company to see if they partner with HSA financial institutions.
- Ask your bank if they offer an HSA option that meets your needs.
What to think about when choosing an HSA
- Some HSAs have fees associated with them, like a charge for opening or closing the account and monthly maintenance fees.
- Banking options, services, and features, like debit cards and online banking, may differ by HSA provider.
- How you’ll make your pre-tax dollar deposits into your HSA may also vary.
Get more information on HSA-eligible plans ( also called High Deductible Health Plans (HDHPs)) , including both the minimum and maximum yearly deductible , from the IRS.
