Health Savings Account: Should You Have One?

HSA Image

For most people, the last thing they want to spend their hard-earned money on is medical expenses

Fortunately, if you are enrolled in a high-deductible health plan (HDHP), you may be eligible for a health savings account (HSA) that allows you to save pre-tax income for health-related costs.

You can have an HSA if you are enrolled in a qualified medical plan, not covered by secondary health insurance or Medicare, and not someone’s dependent. An HSA is your personal account and goes with you wherever you go. If you are no longer enrolled in an HDHP, you’re not able to contribute to an HSA. However, you can still utilize your previously contributed funds for medical needs. 

Eligible expenses include:

• Doctor visits (including copays, deductibles, coinsurance, etc.)

• Dental and vision services

• Prescriptions

A full list of covered HSA expenses is available in IRS Publication 502

Unlike a flexible spending account (FSA), funds in your HSA don’t expire. Any unused dollars in your HSA roll over from year to year, which makes it easier to save and invest in your future. We suggest you check with your financial advisor or institute to learn more about your investment options. 

There is a maximum annual limit to how much you or your employer can contribute to your HSA. Visit go.nextep.com/HSA to learn more about Nextep’s HSA plan and see the limits for the year. 

If you still have questions about HSAs, download American Benefit Administrators’ FAQs to find more answers.

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