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What is an HSA?

A health savings account (HSA) is a tax-exempt account established for the purpose of paying or reimbursing qualified medical expenses for an individual, spouse or family. To be eligible to open an HSA, you must first have an HSA-qualified high deductible health plan (HDHP).

An HSA provides triple tax savings. Funds are deposited on a pre-tax or tax-deductible basis, earnings grow tax free and withdrawals for qualified medical expenses are tax free.

HSA funds roll over from year-to-year, and you may use or keep your funds depending on your financial needs.

In short, an HSA is like a 401(k) or IRA for your medical expenses, only better because withdrawals for qualified expenses are tax free.

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How does it work?

An HSA is much like a savings account, but the funds are reserved for eligible healthcare expenses. Unlike a simple savings account, the money is deposited tax free or tax deductible, and the funds remain tax free when used to pay or reimburse for eligible medical expenses. The interest and earnings grow tax free.*

*Talk to your advisor to determine if earnings and dividends are taxed in your state.

 

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Who is eligible for an HSA?

Federal regulations require you to meet these eligibility requirements in order to open and contribute to an HSA.

You must be:

  • Covered under a qualified HDHP on the first day of the month

You must not be:

  • Covered by any other health plan, including your spouse’s health insurance
  • Covered by your own or spouse’s medical flexible spending account (FSA)
  • Enrolled in any part of Medicare or Tricare
  • Receiving Veteran’s health benefits now or in the past 90 days for a non-service connected disability
  • Claimed as a dependent on another person’s tax return

Contact your health insurance provider to confirm that your plan is HSA compatible. FPS cannot determine if your health plan is qualified.

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What is covered by an HSA?

The IRS outlines which medical, vision, dental and prescriptions qualify for reimbursement from an HSA. Many common expenses like doctor’s office visits, prescriptions, labs and x-rays are covered. For specifics, review IRS publication 502 and IRS Publication 969.

Why our HSA?

  • Freedom and flexibility. Individuals can choose from high quality, low cost mutual funds, an interest-bearing cash account with debit card, or both. All with one simple annual fee.
  • Planning for the future. Our emphasis is on helping the individual build assets for future eligible medical expenses, which means your HSA is part of your medical and retirement planning strategy.
  • Smarter investing. We offer first dollar investing from day one. Tax-free contributions, tax-free withdrawals and tax-free growth that accumulates over time.
  • Easy to use. Our platforms offers the ease of online enrollment, funding and account management. Conveniently add or change investments, contribute or withdraw funds, manage your statement preferences, view investment activity reports and more.

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