Health Savings Accounts (HSA)
Triple tax advantage for healthcare and retirement planning
What is a Health Savings Account?
A Health Savings Account (HSA) is a tax-advantaged account designed to help individuals with high-deductible health plans save for qualified medical expenses.
HSAs offer a unique triple tax benefit and can be used as a powerful retirement savings tool in addition to covering current healthcare costs.
The Triple Tax Advantage
No other account offers these three tax benefits
Tax-Deductible
Contributions are tax-deductible, reducing your taxable income for the year you contribute.
Tax-Free Growth
Your investments grow tax-free. You pay no taxes on interest, dividends, or capital gains.
Tax-Free Withdrawals
Withdrawals for qualified medical expenses are completely tax-free at any age.
2024 Contribution Limits
Individual Coverage
$4,150
For self-only HDHP coverage
Family Coverage
$8,300
For family HDHP coverage
Individuals age 55 and older can contribute an additional $1,000 per year
HSA Benefits
Portable
Your HSA belongs to you, not your employer. Take it with you if you change jobs or retire.
No Expiration
Funds roll over year after year. There's no "use it or lose it" rule like with FSAs.
Investment Options
Invest your HSA funds for long-term growth, just like a retirement account.
Retirement Tool
After age 65, use HSA funds for any purpose (taxed as income if not for medical expenses).
Family Coverage
Use your HSA to pay for qualified medical expenses for your spouse and dependents.
Protection
Build a healthcare safety net for unexpected medical expenses and retirement healthcare costs.
HSA Eligibility
To qualify for an HSA, you must:
Start Saving for Healthcare and Retirement
Open your Health Savings Account today and enjoy triple tax advantages