Health Savings Accounts
A Health Savings Account (HSA) is a savings or checking account designed to help members save for medical expenses. With an HSA, you can make contributions that may not be subject to income or payroll taxes.1 You can then use the funds in your HSA for qualified medical expenses. HSAs have several advantages:
- Contributions are tax-free or tax-deductible. Earnings are tax-deferred, and distributions are tax-free if used for qualified medical expenses.1
- Because HSAs are owned fully by you and not tied to your employer, you can take the account with you if you change jobs, unlike some employer-sponsored flexible spending accounts.
- Funds in HSAs may be used for many types of qualified medical expenses, including dental and vision.
Due to federal regulations, several eligibility requirements apply. To be eligible to open an HSA, you must meet the following qualifications:
- You must be covered by a high deductible health plan.
- You must not be covered by another general coverage medical plan or Medicare.
- You must not be eligible to be claimed as a dependent.
- You must not have received VA medical benefits in the previous three (3) months.
For more information, or to open an HSA account, please call Clearview at 1-800-926-0003 or stop by any Financial Center.
1. Consult a tax advisor.