Health Savings Account (HSA)

If you elect an HDHP, you may be eligible to participate in a Health Savings Account (HSA). With the HSA, you can contribute pre-tax dollars to pay for qualified expenses for you, your spouse, and/or tax dependent(s), even if they’re not covered by your plan.

Eligible expenses include doctors’ visits, eye exams, prescription expenses, laser eye surgery, menstrual products, PPE, over-the-counter medications, and more. Visit IRS Publication 502 on www.irs.gov for a complete list.

Eligibility

You are eligible to contribute to an HSA if:

• You are enrolled in an HSA-eligible High-Deductible Health Plan.
• You are not covered by your spouse’s or parent’s non-HDHP.
• You or your spouse does not have a Health Care Flexible Spending Account or Health Reimbursement Account.
• You are not eligible to be claimed as a dependent on someone else’s tax return.
• You are not enrolled in Medicare or TRICARE.
• You have not received Department of Veterans Affairs medical benefits in the past 90 days for non-service-related care. (Service-related care will not be taken into consideration.)

You Own Your HSA

Your HSA is a personal bank account that you own and manage. You can access funds immediately, roll over HSA funds to the next year if you don’t spend them, or save for eligible expenses in retirement. HSA funds are also yours to keep even if you change jobs or retire. You may be able to roll over funds from another HSA. Active enrollment in the HSA is required annually to participate.

HSA Funding Limits

For 2024, contributions (which include any employer contribution) are limited to the following: