HSA Member Education

A Health Savings Account is a bank account tied to a High Deductible Health Plan (HDHP). An HSA enables employees to pay for current health expenses and save for future qualified medical expenses on a tax-free basis. In many cases, employees are allowed to contribute to an HAS, and their employers may also make pre-tax contributions.

Check out this video to better understand the details of your HSA:

Who is Eligible for a Health Savings Account?

Employees are eligible to open an HSA if they are:

• Covered by a HSA-qualified medical plan.
• Not covered under any other health plan that is not a qualified (including a plan your spouse may have where he/she has selected family coverage.)
• Not enrolled in an FSA (unless limited benefit) or an HRA.
• Not enrolled in Medicare Part A or Part B or Medicaid, Tricare (Military Health System)
• Have not used your VA Benefits at any time during the previous three months
• Not eligible to be claimed as a dependent (child) on another’s tax return.

What is a Qualified Medical Expense?

Qualified

• Prescription Drugs
• Physician/Vision/Dental Visits
• Physical/Chiropractic Services
• Birth Control
• Durable Medical Equipment
• Over the Counter Medications (no longer require a prescription)

Not Qualified

• Cosmetic Surgery
• Health Club Dues
• Illegal Operations or Treatment
• Maternity Clothing
• Toothpaste, Toiletries, Cosmetics

Please note that under the IRS rules for Health Savings Accounts, many additional expenses are HSA-qualified but are not covered by medical plans.

If you have questions regarding your employer’s Health Savings Account option, please contact your dedicated Benefit Guardian.