What’s an HSA and how do I use it?

Who is this for?

Michigan Health Insurance – Customer Service – Health Spending Accounts

Anyone under age 65.

A health savings account, or HSA, is an account you use to pay for qualified medical, pharmacy, dental and vision expenses and save on taxes. The key things to know about HSAs are:

  • You must be covered by a high-deductible health plan to open an HSA
  • You own your HSA and the money in it
  • It’s not a “use it or lose it account”; funds roll over from year to year
  • Anyone can deposit money in your HSA, up to an annual limit set each year by the IRS

Compared to other health spending accounts, HSAs give you more ways to save on taxes and healthcare expenses, now and in the future.