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If you have a high deductible health plan, you may be eligible for a health savings account, or HSA. An HSA is a bank account you and your employer can put tax-free money into each benefit year.

You can use the money in your HSA to help pay for your share of costs for your care or for certain health-related expenses that traditional health plans don’t cover.

Think of your HSA as not just part of your benefits, but as an investment. Your HSA belongs to you and is completely portable. You keep it even if you change jobs or health plans. Since unused funds carry over from one year to the next, the value can build over time.

Investing in Your HSA

Both you and your employer can put money in your HSA — up to a certain amount. You decide during benefits enrollment how much you want to contribute from each paycheck, but you can adjust the amount at any time.

The federal government limits the total amount that can go into an HSA in a given year. If you’re over age 55, you may be eligible to make “catch-up” contributions. This allows you to invest a little more.

How Can You Use Your HSA?

  • You can use the money in your HSA to pay for health care costs that your plan doesn’t cover. This includes out-of-pocket costs you pay when you see your doctor or other health care provider, such as your deductible, copays or coinsurance.
  • You can also use it to pay health-related costs that traditional health plans don’t cover. Examples include out-of-pocket costs for vision and dental care and even over-the-counter medicines your doctor prescribes. The Internal Revenue Service (IRS) maintains a list of qualified medical expenses.
  • Any money that’s left over at the end of the benefit year will remain in your account. So there’s no need to worry about unused funds going to waste.

Log Into My Health Toolkit® to Manage Your HSA

Want to keep track of your HSA balance and account activity? Need to access your account to use your HSA funds to pay a claim? You can connect with all the tools you need to manage your HSA through My Health Toolkit.

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