Why Open an HSA?
A Health Savings Account helps you prepare for healthcare expenses while offering valuable tax advantages and long-term savings opportunities.
Triple Tax Advantage
Contributions may be tax-deductible, earnings grow tax-free, and qualified withdrawals for medical expenses are tax-free.*
Save for Healthcare Costs
Use your HSA for qualified medical expenses including doctor visits, prescriptions, dental care, vision care, and more.
Funds Stay With You
Unlike some healthcare accounts, your HSA belongs to you and remains yours even if you change employers or retire.
Build Future Savings
Funds roll over year after year, allowing you to build savings for future healthcare needs and retirement expenses.
*Consult your tax advisor regarding eligibility requirements and tax benefits associated with Health Savings Accounts.
Who Qualifies for an HSA?
To open and contribute to a Health Savings Account, you must meet certain eligibility requirements.
✓ HDHP Coverage
You must be covered by a qualified High Deductible Health Plan (HDHP).
✓ Not Enrolled in Medicare
Individuals enrolled in Medicare are generally not eligible to contribute to an HSA.
✓ Not a Dependent
You cannot be claimed as a dependent on another person's tax return.
Eligibility requirements may change. Consult your tax advisor regarding your specific situation.
How an HSA Works
A Health Savings Account is simple to use and can help you prepare for healthcare expenses today and in the future.
Contribute
Add funds to your HSA through payroll deductions, transfers, or direct contributions.
Save or Spend
Use funds for qualified medical expenses or allow your balance to continue growing.
Enjoy Tax Advantages
Qualified healthcare withdrawals remain tax-free while your savings continue to build.
What's the Difference Between an HSA and an FSA?
Both Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) help you set aside money for healthcare expenses using pre-tax dollars. However, there are important differences in eligibility, account ownership, and how funds can be used over time.
Health Savings Account (HSA): Available to individuals enrolled in a qualified High Deductible Health Plan (HDHP). Funds roll over year after year and remain yours even if you change jobs or retire.
Flexible Spending Account (FSA): Typically offered through an employer. Funds are intended for healthcare expenses during the plan year and may not fully roll over from year to year.
Features and eligibility requirements may vary. Consult your employer, benefits administrator, or tax advisor regarding your specific situation.
Qualified Medical Expenses
Use your Health Savings Account to pay for a wide variety of qualified healthcare expenses for yourself, your spouse, and eligible dependents.
Doctor Visits
Routine appointments, specialists, and medical consultations.
Prescriptions
Prescription medications and many approved pharmacy expenses.
Dental Care
Cleanings, fillings, orthodontics, and other eligible dental services.
Vision Care
Eye exams, glasses, contact lenses, and vision treatments.
Hearing Care
Hearing exams, hearing aids, and related services.
Mental Health
Counseling, therapy, and many behavioral health services.
Medical Equipment
Eligible medical devices and durable medical equipment.
And More
Many additional healthcare expenses may qualify under IRS guidelines.
Qualified expenses are subject to IRS rules and may change. Consult IRS Publication 502 or your tax advisor for complete eligibility information.
HSA Benefits Beyond Healthcare
More Than Just a Medical Savings Account
Your HSA can be used for qualified medical expenses for yourself, your spouse, and eligible dependents. In addition to medical, dental, and vision expenses, certain insurance premiums may also qualify under IRS guidelines.
Unlike many healthcare accounts, unused HSA funds roll over year after year and remain yours. You can continue using your HSA throughout retirement for qualified healthcare expenses.
Keep in mind that withdrawals not used for qualified medical expenses may be subject to ordinary income taxes and, if taken before age 65, a 20% IRS penalty unless an exception applies.
Ready to Open an HSA?
Take advantage of valuable tax benefits and start saving for future healthcare expenses today.
Contact UsFrequently Asked Questions
Answers to some of the most common questions about Health Savings Accounts.
What is a Health Savings Account (HSA)?
An HSA is a tax-advantaged savings account designed to help eligible individuals save for qualified medical expenses.
Do HSA funds expire?
No. Unused HSA funds roll over from year to year and remain available for future healthcare expenses.
Can I use my HSA after retirement?
Yes. HSA funds can continue to be used for qualified healthcare expenses during retirement.
Can I transfer an HSA from another financial institution?
In many cases, yes. Contact us to learn more about transferring your existing HSA.
Can I use my HSA for my spouse or dependents?
Yes. HSA funds may be used to pay qualified medical expenses for your spouse and eligible dependents, even if they are not covered by your High Deductible Health Plan (HDHP).
Contribution and Out-of-Pocket Limits
For Health Savings Accounts and High-Deductible Health Plans
| Limit | 2025 | 2026 |
|---|---|---|
| HSA Contribution Limit (employer + employee) | Self-only: $4,300 Family: $8,550 | Self-only: $4,400 Family: $8,750 |
| HSA Catch-up Contributions (age 55 or older) | $1,000 | $1,000 |
| HDHP Minimum Deductibles | Self-only: $1,650 Family: $3,300 | Self-only: $1,700 Family: $3,400 |
| HDHP Maximum Out-of-Pocket Amounts (deductibles, co-payments and other amounts, but not premiums) | Self-only: $8,300 Family: $16,600 | Self-only: $8,500 Family: $17,000 |