Health Savings Account
A Health Savings Account (HSA) is a tax-advantaged account that lets you save money for future medical expenses. Contributions can be made by you and/or your employer. Total annual contributions are deductible on your federal tax return. Money in your account can be used to pay for medical expenses for yourself, your spouse, or your dependent children, for any "qualified medical expense" permitted by law. Contributions must stop once you are enrolled in Medicare, but you can keep any money in your account and use it tax-free for medical expenses.
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Any adult can contribute to an HSA if they:
-Have coverage under a qualified "High Deductible Health Plan" (HDHP)*
-Have no other first-dollar medical coverage (Some exceptions permitted)
-Are not enrolled in Medicare
-Cannot be claimed as a dependent on someone else’s tax return
Contributions to your HSA can be made by you, your employer, or both. While total annual contributions are limited, you can deduct these contributions on your federal tax return. Contact your tax advisor.
You can use the money in your account to pay for the medical expenses of yourself, your spouse or your dependent children for any "qualified medical expense" permitted under the law including:
-Most medical care and services
-Dental and Vision care
Although contributions must stop once you are enrolled in Medicare, you can keep any money you have placed in your account and use it tax-free for medical expenses.
The AmeriChoice Health Savings Account gives you all these benefits, plus check-writing** convenience, and dividends earned on your balance. It's fee-free for the first year ($15 annually thereafter).
*HDHPs are generally defined as health insurance plans that do not pay first dollar medical expenses. **Member Rewards free checks not included.
Must meet membership eligibility requirements. Please see "How to Join" page for additional details on membership eligibility.
All Health Savings Accounts earn dividends from day-of-deposit to day-of-withdrawal. The dividend is calculated daily and compounded monthly.
View our disclosures for more information