What is a health savings account?
A health savings account*, or HSA, is a savings account that belongs to you and gives you more flexibility and control over your healthcare dollars. You can set aside money in your HSA to pay for qualified health expenses, which may have tax benefits for you. Your employer can also contribute to your HSA under certain arrangements.
HSA is always paired with a qualified high-deductible health plan (HDHP), like BlueSaver. That means you must sign up for a certain type of health insurance plan with a high deductible in order to be eligible to set up an HSA.
High-Deductible Health Plan (HDHP)
MySmart$averSM
Save on premiums.
As a tradeoff for the higher deductible, these HDHPs have a lower monthly premium than "traditional" plans, like PPOs or HMOs. Some of the money you will save on premiums can go into your HSA instead - as long as you follow a few guidelines.
Traditional Plan
Higher monthly premiums
High-Deductible Health Plan
Lower monthly premiums
Health Savings Account
The money is yours.
Know your limits.
Minimum annual deductible |
Contribution limits |
Out-of-pocket maximum |
|---|---|---|
| Single: $1,650 | Single: $4,300 | Single: $8,300 |
| Family: $3,300 | Family: $8,550 | Family: $16,600 |
Minimum annual deductible |
Contribution limits |
Out-of-pocket maximum |
|---|---|---|
| Single: $1,600 | Single: $4,150 | Single: $8,050 |
| Family: $3,200 | Family: $8,300 | Family: $16,100 |
What are qualified medical expenses?
Ambulance
Dental
Nursing
Optometrist
Drugs
Transplant
Winning with an HSA
Add new horsepower to your financial plan
Save now, cash later
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