If you have a qualified High Deductible Health Plan (HDHP) – either through your employer or one you’ve purchased on your own – chances are you can open an HSA. Additionally:

• You must have a valid Social Security Number (SSN) and a primary residence in the U.S.
• You cannot be covered by any other type of health plan, including Medicare Part A or Medicare Part B.
• You cannot have accessed your VA medical benefits in the past 90 days (to contribute to an HSA).
• You cannot be claimed as a dependent on another person’s tax return (unless it’s your spouse).
• You must be covered by the qualified HDHP on the first day of the month.

For eligible individuals covered by a qualified high deductible healthcare plan (HDHP), an HSA offers a number of benefits. Money that would otherwise be lost to high premiums could be invested in a tax-free, interest-bearing HSA. For those with higher medical expenses, an HDHP combined with an HSA still may provide overall cost savings as compared to a traditional plan with higher premiums and out of pocket maximums.

An HSA is a unique tax-advantaged account that you can use to pay for current or future IRS-qualified medical expenses. With an HSA, you’ll have:

• A tax-advantaged savings account that you use to pay for IRS-qualified medical expenses as well as deductibles, co-insurance, prescriptions, vision and dental care
  • Contributions to your HSA can be made with pre-tax dollars, which reduces your taxable income.
  • Any after-tax contributions that you make to your HSA are tax deductible.
  • HSA funds earn interest tax free and when used for IRS-qualified medical expenses are also free from tax.
• Unused funds that will roll over year to year. There’s no “use or lose it” penalty.
• Potential to build more savings through investing. You can choose from a variety of HSA self‐directed investment options with no minimum balance required
• Additional retirement savings. After age 65, funds can be withdrawn for any purpose without penalty.

You can pay for a wide range of IRS-qualified medical expenses with your HSA, including many that aren’t typically covered by health insurance plans. This includes deductibles, co-insurance, prescriptions, dental and vision care, and more. For a complete list of IRS-qualified medical expenses, visit irs.gov.

You can pay for IRS-qualified medical expenses with funds from your HSA by using your debit card. You can also pay for part of all of your IRS-qualified medical expenses out-of-pocket and reimburse yourself later with HSA funds.

If you pay for an ineligible expense, you must report it in your annual income tax filing and pay the related income taxes, plus a tax penalty. (After age 65, the penalty does not apply.)

No. You do not need to submit any receipts to us or file any claims. Just be sure to use the money for IRS-qualified medical expenses and save your receipts for tax purposes. Using our online expense tracker, you can easily enter medical expense information and securely upload receipts and supporting documentation – all in one place for easy access and tracking.

You can pay or reimburse yourself for any eligible medical expenses incurred after your HSA was established.

You can use your HSA debit card to pay for doctor visits at the time of the appointment or for qualified items at a pharmacy or other retailer as long as it is for a qualified medical expense. You can also use your HSA debit card to withdraw cash from an ATM to reimburse yourself for expenses you paid out-of-pocket (a transaction fee may apply).