Steps to a successful group HSA:

1.   Enroll in the HSA online, no paper forms to complete

2.   Deposit money into your HSA

3.   Manage your funds:

4.   Spend on medical expenses

5.   Collect your money

  • Reimbursements for medical expenses
  • Disbursements from your account

Health savings accounts resemble individual retirement accounts.
Think of an HSA as a medical IRA. The similarities include:

  • Your deposits are tax-free and your money grows tax-free.
  • You decide how to invest and grow your money.
  • You can withdraw funds anytime for qualified medical expenses tax-free.
  • When you reach age 65, you can withdraw your money without penalty and use it for whatever you want (taxes will still apply if the expense is not a qualified medical expense).

Health Savings Accounts

Who’s eligible?

To be eligible for an HSA, you must:

  • First enroll in a high-deductible health plan
  • Not be covered by any other non-HDHP benefit plan

You are not eligible for an HSA if:

  • You are claimed as a dependent on someone else’s taxes
  • If you are covered by any other health plans that are not considered HDHPs, including Medicare and flexible spending accounts

NOTE to cafeteria plan participants: When an HSA is offered through your employer’s cafeteria plan, the eligibility requirements of the cafeteria plan apply.

Things to consider:

  • Your anticipated health care expenses
  • How active you want to be in your health care spending
  • Your personal financial situation
  • Other coverage you may be enrolled in through your spouse, as this may disqualify you as an eligible individual for the HSA

A conversation with your tax preparer might help you make the decision.

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