A health savings account, or HSA, is a savings account that lets you set aside pretax money for medical costs. It's handy to save for health care expenses and reduce your taxable income.
But not everyone can — or should — sign up for the kind of health insurance plan required to use an HSA. Here's how HSAs work and how they can benefit you.
Qualifying for an HSA
To save to an HSA, you must enroll in a high-deductible health insurance plan, or HDHP, as defined by the government.
High-deductible health plans are redefined each year by the IRS, which determines the minimum deductible and the maximum amount a plan holder can spend out of pocket. For example, in 2022, an HDHP must have a deductible of at least $1,400 for an individual or $2,800 for a family, with maximum out-of-pocket spending of no more than $7,050 for an individual or $14,100 for a family.
Bear in mind that some plans have high deductibles but don't qualify you for an HSA. Look for plans specifically tagged "HSA-eligible" if you want the account option.
How an HSA works
Some employers that offer high-deductible health plans also offer HSAs. If yours doesn't, you can open a separate HSA if you have a qualifying plan.
Each year, you decide how much to contribute to your HSA, though you can't exceed government-mandated maximums. In 2022, people with self-only coverage can save up to $3,650 to an HSA, and people with family coverage can save up to $7,300.
If you have an HSA through your workplace, you can set up automatic contributions directly from payroll. You'll receive a debit card or checks linked to your HSA balance, and you can use the funds on eligible medical expenses.
Unlike a flexible spending account, your HSA balance rolls over from year to year, so you never have to worry about losing your savings. Once you're over age 65 and enrolled in Medicare, you can no longer contribute to an HSA but still use the money for out-of-pocket medical expenses. However, if you use the money on non-eligible expenses, you'll have to pay income tax on that amount (plus a 20% penalty if you're under 65).
HSA-eligible expenses
HSA funds can cover
deductibles, copays and coinsurance ..., over-the-counter drugs, feminine hygiene products and other qualified medical...
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