A health savings account is a tax-sheltered savings account similar to an IRA, but designated specifically for medical expenses. Deposits are tax-deductible and can be easily withdrawn by check or debit card to pay routine medical bills with tax-free dollars.
The balance not used from the account each year stays in the account and continues to grow interest on a tax-favored basis to supplement retirement, similar to an IRA - it's like a medical IRA.
- A Savings and Checking Account with a Visa® Debit Card are available
- Your HSA is an interest bearing account
- Invest HSA funds in stocks, bonds, Certificates of Deposit, annuities and mutual funds. These assets are held in your brokerage account and can be managed by the HSA account holder or by your investment professional.
- You must be covered under a high-deductible health care plan
- Not covered under another health care plan, other than your high deductible plan
- Not eligible for Medicare
- Not a dependent
If you have questions about whether you qualify, contact your employer's human resources department.
- There are limits on the amount you are able to contribute to your HSA per year. Contact your Human Resource Department for assistance in determining your annual contribution
- If you're age 55 years or older by the end of the taxable year, and have not enrolled in Medicare, you can contribute an additional amount - contact a Veridian representative for specific amounts
- Your federal income tax return due date (April 15) is also your deadline for contributions
Contact your tax advisor with questions on specific tax details regarding your HSA and tax liability.
Monthly service fees may apply. View our schedule of fees.