HSA Savings


HSAs offer flexibility and planning beyond what you get with other benefits.

Save Money with an HSA!

Pair a health savings account (HSA) with your qualified high-deductible health plan and enjoy a flexible benefit that helps you spend, save, and invest.

Spend, Save, and Invest. HSAs offer flexibility and planning beyond what you get with other benefits. Spend your HSA dollars when you need them, save your HSA dollars when you don’t have an immediate need, and invest some of your savings as your balance grows to see your money grow even faster.

HSA money is yours to keep! Unlike a flexible spending account (FSA), unused money in your HSA isn’t forfeited at the end of the year. It carries forward year after year. And your HSA is portable, so it moves with you if you change employment. Your HSA belongs to you, not your employer, just like your personal checking account.



HSA Basics

When you deposit money into your SimplyHSA, you get triple tax-advantaged savings.

  • Money goes in tax-free. When you contribute to your HSA using payroll deductions through your employer, your money goes in before Federal, State, and FICA taxes are applied to your paycheck, which creates up to 30%* in immediate tax savings. Many employees say that payroll deductions help them put money aside and grow their account balance because it happens automatically.
  • Money comes out tax-free. Paying for eligible expenses directly from your HSA is a tax free withdrawal from your account, unlike withdrawals from some retirement savings accounts that tax the money you take out.
  • Earn interest, tax-free. HSAs earn interest and, unlike most savings accounts, interest is not considered taxable income as long as the funds are used for eligible health care expenses. This means your balance grows, even as you wait to spend your funds.

*These tax examples are broad approximations of tax liability. Your specific savings depend on your tax bracket. You should consult a tax advisor for help with your own situation. Current IRS tax laws control all HSA matters and are subject to change.



HSA Investments

You can also invest funds in your HSA and see them grow even more! Once your HSA cash account balance reaches the minimum amount required by the custodian, you can transfer funds to an HSA investment account. You can choose from a selection of mutual funds and setup an allocation model for future transfers, like you would for a 401k plan. An HSA is a powerful investment vehicle and can be a smart addition to your retirement strategy. View a prospectus of investment options available.



Eligible Expenses

You can pay for thousands of eligible products and services with your HSA—now or later in life. Find out which expenses are eligible, including medical, dental, vision and other qualified expenses.


Pay with Your HSA

It’s easy to pay for eligible expenses with your HSA dollars. You can pay directly from your HSA with your Benefits Card, with an electronic payment from your account to a service provider, or you can use your preferred payment method and reimburse yourself from your HSA.


Use the SimplyHSA advantage to pay for your eligible expenses and save for a secure future.

SimplyHSA




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