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What is an HSA?

Who is this for?

Michigan Health Insurance – Customer Service – Health Spending Accounts

If you’re interested in health savings accounts, this information can help you understand more about them and how to use them.

A health savings account, or HSA, is a kind of health spending account that's part of consumer-directed health care. “Consumer directed” means you manage more of the money you spend—and save—on medical expenses.

Who can have an HSA?

You're eligible if you:

  • Are enrolled in an HSA-compatible high-deductible health plan
  • Can't be claimed as a dependent on someone else's tax return
  • Aren't covered by or already enrolled in another health care plan that isn't HSA-compatible
  • Aren't enrolled in Medicare

What's a high-deductible insurance plan?

A deductible is the amount of money you have to pay before your health insurance begins to pay. Typically, the higher the deductible, the lower your monthly premiums are.

Here are the current IRS amounts for plans considered high-deductible that work with HSAs:

  • For individuals, the minimum deductible is $1,300.
  • For families, the minimum deductible is $2,600.

How does an HSA work?

A health savings account is like a combination 401(k) and checking account for your medical expenses.

Most people put money into their HSA by having it deducted before taxes from their paycheck. But you, and even family and friends, can make a deposit to your HSA at any time. You can deposit post-tax money into your HSA and deduct your contributions from your income tax.

Then, when you have a medical expense your health plan doesn't cover, you can use the money in your HSA. For more information about everything you can do with a health savings account, read "How can I use my HSA?"

Is an HSA right for you?

If you like the idea of lowering your taxes and health insurance costs, and having more say in your health care spending, an HSA could be a good fit.

As long as you have an HSA-compatible plan, you're all set to enroll.

For 2015, our HSA with HealthEquity® works with several of our bronze and silver plans.

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