If your HSA is already up and running, contribute to it. So, don’t wait, if you don’t already have an HSA open one! (Additional Requirements included: Not enrolled in Medicare, not covered by any other health plan that…, covered under an IRS qualifying HDHP, may not be claimed as a dependent on another) The main requirement is that you’re covered under a qualifying high deductible health plan or HDHP.Īlthough there are additional requirements defined by the IRS.

…that means the money in your account is yours to keep, even if you change jobs or health plans. (Graphic of ‘Use it or Lose it’ text breaking in half creating a tearing sound) More good news, with an HSA there’s no use it or lose it rule, Second, you won’t pay income tax on money you use for qualified medical expenses, that includes vision and dental expenses.Īnd third, your savings grow income tax free, helping you create a nice little nest egg for retirement.

Keep in mind the IRS sets limits on how much you can contribute each year. In fact, in most cases there are three ways an HSA helps you keep your money in your pockets and out of Uncle Sam’s.įirst, generally you won’t pay federal income tax on money you deposit into your account. Save smart, it’s easy with an OPTUMBank® Health Savings Account or HSA.Īn HSA is used to save for qualified medical expenses for you and your eligible dependents, both now and in the future.

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