Financial Answer Center
- What Are Health Savings Accounts?
- Who Can Establish an HSA?
- How Much Can Be Contributed to an HSA?
- How Do You Establish an HSA?
- Who Can Make Contributions to an HSA?
- How Are Contributions Made to an HSA?
- Can You Make Contributions to an HSA if You Are Covered under an FSA or HRA?
- Can Your Contributions Earn Interest?
- How Are Contributions Taxed?
- How Are Distributions Taxed?
- What Are Qualified Medical Expenses?
- Are Rollovers Permitted?
- What Happens to Funds Remaining in Your HSA?
Health Savings Accounts (HSAs) are designed to help individuals save for future medical and retiree health expenses on a tax-advantaged basis.
An HSA permits eligible individuals, who are not enrolled in Medicare, to pay for current medical expenses as well as to save for future "qualified" medical and retiree health expenses that are not covered by insurance on a tax-advantaged basis. See the section What Are Qualified Medical Expenses? for more information about what kind of expenses can be paid by an HSA. These accounts may be offered through employers. However, HSAs are independent of employment so that any eligible individual can establish an HSA with any eligible financial institution.
Securities and insurance products are offered through Osaic Institutions, INC., Member FINRA/SIPC. Osaic Institutions, INC. and FB Wealth Management, a division of First Bank, are not affiliated. We do not provide tax advice. Consult your tax advisor.