A Health Savings Account or HSA is an account that can receive contributions on a tax favored basis on behalf of an eligible individual and allows tax-free distributions used to pay for qualified medical expenses.
An individual is eligible if they are: • Covered under a high deductible health plan
• Not covered by another health plan that is not high deductible
• Not enrolled in Medicare
• Not claimed as a dependent
Two Types of Coverage
Self-Only Coverage: • Out-of-pocket expenses include deductible, co-payments, and other amounts
• Out-of-pocket expenses do not include premium amount
Family Coverage: • Out-of-pocket expenses include deductible, co-payments, and other amounts
• Out-of-pocket expenses do not include premium amount
Your Health Savings Account can be accessed by writing a check or using a debit card.
