What’s a Health Savings Account?
A Health Savings Account is a plan you can use to save money tax-free and also pay for current and future IRS-approved healthcare expenses, including your deductible, copays, and coinsurance. Or, you can use it to save and invest your money, and let it grow tax-free over time for future use. There is no “use it or lose it” rule with an HSA. And, the balance rolls over year over year.
An HSA can help you save three ways:
Triple Tax Savings1. Pre-Tax funds deposited from your paycheck2. Tax-Free withdrawals for eligible healthcare expenses3. Tax-Free growth from interest earned and any earnings from investments
The HSA belongs to you
It’s your money and you decide when and how to spend it. It does not belong to your employer, even if your employer contributes money to your account. Plus, the HSA is yours even if you decide to change jobs or health plans, or if you retire.
Are you eligible to open an HSA?
This is an IRS rule. You’re eligible only if you answer no to all of these questions:
For details about your plan’s specific preventive benefits, see your preventive benefits list, summary of benefits, and your benefit booklet on Premera.com.
You can use the money in your HSA to pay for IRS-approved healthcare expenses—including your deductible, copays, and coinsurance.
You can access both your health plan and HSA and easily navigate between the two when you log in. You can also download the ConnectYourCare mobile app to access your HSA while you’re out and about.
HSA calculator to see if the HSA Plan might work for you.
HSA Eligible Healthcare Expense List Some of the services you can purchase with your HSA funds.
HSA Preventive Drug List A list of drugs covered in full by your plan.
Once you’re enrolled
Manage your HSA Log in, or download the ConnectYourCare mobile app to access your HSA when you’re on the go.