Health Savings Account

A Health Savings Account (HSA) is a tax-exempt trust or custodial account established for the purpose of paying or reimbursing qualified medical expenses of you, your spouse, and your dependents. Contributions to an HSA are tax deductible, the earnings grow tax deferred, and distributions to pay or reimburse qualified medical expenses are tax free.

You are an eligible individual and may make regular HSA contributions if you are covered under a qualifying high deductible health plan (HDHP) and answer "No" to each of the following questions: Do you have other health coverage (except permitted coverage)? Are you enrolled in Medicare? Are you claimed as a dependent on another person's tax return?

Must meet eligibility requirements. Substantial penalty for early withdrawal may apply.