How a Health Savings Account can help you
An HSA is a personal expense account that works with a high deductible health plan (HDHP), allowing you to set aside a portion of your salary pre-tax to pay for qualified medical expenses. Funds in your HSA account stay with you, even if you change jobs. And, if you’re no longer covered by an HDHP, your account stays active, and you can use remaining funds for medical expenses. Your money rolls over every year, which allows you to save for the future!
Here are some of the ways an HSA can help you:
- Setting aside a portion of your pay with an HSA reduces your annual taxable income and makes it easier to pay for out-of-pocket health expenses.
- Your HSA funds are yours and stays with you, even if you change jobs.
- Your HSA helps you pay for deductibles, copays, coinsurance, dental, vision, and many other expenses (see our eligible expenses list).
- You can use your HSA for your or your dependent’s health care expenses, even if they are not enrolled in your medical or dental plan.
- Your HSA funds are available on your Navia Benefits Debit Card. Just swipe your card at any participating merchant to avoid filing a claim and waiting for reimbursement. Get more information about your Navia Benefits Debit card here.
- Your unused HSA funds earn interest and may be invested in mutual funds. Your unused funds earn federal tax-free interest. And, if you maintain a minimum balance of $1,000, your additional funds may be invested in mutual funds yielding tax free earnings.
- Check out our Health Savings Account Benefit Guide for more information.