Myth #1: An HSA is too complicated

Reality: If you can manage a traditional checking or savings account, you can use an HSA.

Health Savings Accounts (HSAs) work just like traditional savings accounts. You can use your funds on qualified medical expenses whenever you need them. Unlike a Flexible Spending Account, there is no complicated use-it-or-lose-it deadline. For a side-by-side comparison, check out this article. Want to learn more ways to save?

Myth #2: If I don't spend all my funds this year, I lose it

Reality: Unlike an FSA, your HSA funds roll over year after year. There is no deadline to spend them.

Your HSA is yours. The money you contribute through a pre-tax payroll contribution or direct deposit stays in your account until you use it on qualified medical expenses or other eligible items at the HSA Store. You can even invest your HSA funds to grow your balance over time.

Myth #3: The HSA is a spending account, not a savings account

Reality: An HSA is a powerful savings tool that also allows you to spend on qualified medical expenses.

You can save, spend, and invest your HSA dollars. Check this page for current contribution limits.

Myth #4: I spend too much each year on healthcare for an HSA

Reality: HSAs pair with high-deductible health plans, which often have lower premiums and a higher deductible. The premium savings can offset higher out-of-pocket costs.

Even if you spend more on healthcare today, you can save money for the long-term with the triple tax advantage of an HSA.

Myth #5: An HSA is only available through your employer

Reality: HSAs are member-owned accounts. You can open one on your own through a preferred HSA administrator like HealthEquity.

Myth #6: I'm too old to benefit from an HSA, they're for young people.

Reality: The global healthcare cost gap could reach $137 trillion by 2050, and recent estimates suggest retirees will need hundreds of thousands for healthcare alone.

After age 65, you can use your HSA for any expense — and qualified medical expenses remain completely tax-free. There are good reasons to keep investing your HSA at any age. You can even use it for COBRA premiums.

Myth #7: An HSA is only for wealthy people

Reality: HSAs benefit everyone. The contribution limits are designed for everyday savers, and pre-tax contributions mean every dollar goes further.

Myth #8: HSA contributions don't grow.

Reality: You can invest your HSA funds for potential long-term growth. Learn more about the differences between FSAs and HSAs.

Visit the Help Center or shop the HSA Store for eligible products.