HSA Guide
HSA like a pro
Learn everything you need to know about Health Savings Accounts — from eligibility and contribution limits to investing and spending your HSA funds.
What is a Health Savings Account?
A Health Savings Account (HSA) is a personal savings account that works with an HSA-qualified high-deductible health plan (HDHP) to let you set aside money on a pre-tax basis to pay for qualified medical expenses. HSAs offer a triple tax advantage: contributions are tax-deductible, earnings grow tax-free, and withdrawals for qualified medical expenses are tax-free.
Unlike a Flexible Spending Account (FSA), HSA funds roll over year after year. There is no “use it or lose it” rule. Your HSA belongs to you, even if you change employers or health plans.1 2 3
Tap into health savings.
Manage your HSA on the go with our award-winning mobile apps.
HealthEquity Mobile app
Check balances, pay bills, and manage investments from your phone.
EZ Receipts Mobile app
Snap photos of receipts and upload for easy reimbursement tracking.
Am I eligible for a Health Savings Account?
To open and contribute to an HSA, you must be enrolled in an HSA-qualified high-deductible health plan (HDHP). You cannot be covered by other non-HDHP health insurance, enrolled in Medicare, or claimed as a dependent.
How do I sign up?
If your employer offers an HSA through HealthEquity, you can sign up during open enrollment or a qualifying life event. You can also set up your account online or open an individual account.
Save
Enjoy lower health plan premiums
HSA-qualified high-deductible health plans typically have lower monthly premiums than traditional plans, putting more money back in your paycheck.
Keep your premium savings
Deposit the money you save on premiums into your HSA to build a healthcare safety net.
Take advantage of triple-tax savings1
Contributions are tax-deductible, growth is tax-free, and withdrawals for qualified expenses are tax-free.1
Roll over funds
Unlike FSAs, your HSA balance rolls over every year. There’s no deadline to spend your funds — they’re yours forever.
The more you contribute, the more you save
HSA Annual Contribution Limits
Contribute up to the IRS annual limit and let your savings grow over time.
Spend
HSA qualified medical expenses
Use your HSA to pay for a wide range of qualified medical expenses including doctor visits, prescriptions, dental care, vision, and more.5
Ready to shop? Visit the HSA store
Browse thousands of HSA-eligible products at the HSA Store.
Your savings can add up fast
Use our tools to calculate how much you could save.4
Become a savvy healthcare consumer
Consider generics
Smart spending helps your HSA go further.
Prefer urgent care
Smart spending helps your HSA go further.
Comparison shop
Smart spending helps your HSA go further.
Consumer.ftc.gov/articles/0063-generic-drugs-and-low-cost-prescriptions · Debt.org/medical/emergency-room-urgent-care-costs/ 7 8
Invest
Your retirement engine
Once your HSA balance reaches a threshold, you can invest in mutual funds and potentially grow your savings even faster.
HSA vs. 401(k)
An HSA offers triple tax savings that even a 401(k) can’t match. Contributions, growth, and qualified withdrawals are all tax-free.9
Accelerate your health savings
HealthEquity offers tools to help automate and accelerate your HSA investing:
AutoPilot
Automatically invest excess cash above your set threshold.
GPS
Guided Portfolio Summary helps you pick an investment mix.
Start building health savings today
Open your HSA and start saving, spending, and investing for your health.
Have questions? Visit our help center.
HSA Videos
How does an HSA work?
Watch our explainer videos to learn the basics.
How to use your HSA
Step-by-step guide to managing your HSA.
Articles
HSA webinars
Ready to get started?
Open your HealthEquity HSA today and start taking advantage of triple tax savings.
Open New AccountReturn to content 1. HSA tax benefits are subject to IRS rules.
Return to content 2. Consult a tax advisor for details.
Return to content 3. State taxes may vary.
Return to content 4. Calculator results are estimates.
Return to content 5. See IRS Publication 502 for qualified expenses.
Return to content 6. Investment returns are not guaranteed.
Return to content 7. Source: Consumer.ftc.gov
Return to content 8. Source: Debt.org
Return to content 9. HSA vs 401(k) tax comparison.