If you are covered by a high-deductible health plan (HDHP) and meet additional criteria*, an individual HSA can help you take control of your health care spending.


How HSAs Work

An HSA paired with an HSA-qualified health plan allows you to make tax-free* contributions to a federally-insured** savings account. Balances earn tax-free interest and can be used to pay for qualified medical expenses. HSA-qualified health plans typically cost less than traditional plans and the money saved can be put into your HSA.

HSA Benefits

HSA empower savings

• Lower monthly health insurance premiums
• Money put into your HSA is not taxed
• You earn tax-free interest on HSA balances
• HSA funds used for qualified medical expenses are not taxed
• You can invest your HSA funds for increased tax-free earning potential***

HSA funds remain yours to grow

With an HSA, you own the account and all contributions. Unlike flexible spending accounts (FSAs), the entire HSA balance rolls over each year and remains yours even if you change health plans, retire or leave your employer.

You can win with an HSA

Regardless of your personal medical situation, an HSA can empower you to maximize savings while building a reserve for the future. Contrary to what many may think, healthy individuals aren’t the only users who benefit from an HSA.

Employers

Find more information on how you can sponsor a Health Savings Account for your employees.

* HSAs are never taxed at a federal income tax level when used appropriately for qualified medical expenses. Also, most states recognize HSA funds as tax-free with very few exceptions. Please consult a tax advisor regarding your state’s specific rules.
**Your HSA cash balance is held at an FDIC-insured or NCUA-insured institution and is eligible for federal deposit insurance, subject to applicable requirements and limitations.
***Investments available to HSA holders are subject to risk, including the possible loss of the principal invested and are not federally insured or guaranteed by HealthEquity, Inc.. HealthEquity, Inc. does not provide financial advice. HSA holders making investments should review the applicable fund’s prospectus. Investment options and thresholds may vary and are subject to change. Consult your advisor or the IRS with any questions regarding investments or on filing your tax return. Before making any investments, review the fund’s prospectus.

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Get Started

For more information on Health Savings Accounts, please call Customer Service at (518) 885-6781, visit a BSNB location or learn more here.

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