|Next Topic: Eligibility »
- An HSA is a special tax-advantaged account owned by the individual who can use the funds in the HSA to pay for qualified medical expenses. Funds may be deposited directly by the accountholder and if available, via payroll deduction or by employer contributions.
- Once deposited, the money grows tax-free year after year. Funds can be withdrawn tax-free at any time if used to pay for qualified medical expenses*. Opens PDF
- Individuals qualify to contribute to an HSA if they are enrolled in a High Deductible Health Plan (HDHP) and are not covered by other types of medical insurance. Get more information on eligibility or search for an HSA eligible health plan.
- You can make pre-tax contributions to your HSA via payroll deduction, or mail a check directly to Chase for your contribution. Once deposited, your money grows tax-free year after year, much like an IRA. And it's yours to keep, even if you change jobs.
Using your account
- You can withdraw your HSA funds tax-free to pay for qualified medical expenses - so you control when and how much you spend.
- Funds carry over year after year, and if you don't use up all your funds for medical expenses, you can withdraw the money on a taxable basis for any purpose after age 65** - so your unused HSA funds can even help fund your retirement!
- You can create a balanced HSA portfolio tailored to your specific needs and risk preferences through one of the most respected investment management firms in the industry.
With the HSA, you can:
- Enjoy up to a 20-30% reduction in your out-of-pocket costs for medical expenses.
- Earn income tax-free with interest in the cash account Determine your own investment strategy for potentially higher returns on your HSA balances.
- Hold on to your savings even if you leave your employer.
- Potentially pay lower premiums on your health insurance plan.
- Carry over unspent balances from year to year - no "use-it-or-lose-it" policy
- Protect yourself from unexpected healthcare expenses with a Healthcare Line of Credit.