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Health Savings Accounts (HSAs)

There are two separate parts to setting up a Health Savings Account Plan. First, you will need an HSA compatible High Deductible Health Insurance plan such as the Regence BlueShield Bronze HSA, the LifeWise Silver or Bronze HSA plan or the Group Health Options Healthpays HSA plan. Second, you have the option to setup a Health Savings Account where funds are deposited to pay tax-free for items not covered by the health insurance.

 

The funds in your HSA roll over from year to year. 

What is a Health Savings Account (HSA)?

A Health Savings Account is a tax exempt account with a financial institution in which you accumulate savings to pay for medical expenses. Contributions are tax deductible and income earned on funds in the HSA are 100% tax free. An HSA allows you to enjoy tax reductions while having affordable premiums and decreasing your out-of-pocket expenses without risking your insurance protection.

After you setup your Health Savings Account with a financial institution, you can use deposited funds to pay for things like:

Dental and Orthodontia

✓ Vision

✓ Prescriptions

✓ Chiropractic, Alternative Care and many other eligible medical expenses!

Gain three tax advantages with your HSA contributions: IRS documents image

Help fund your retirement! Unused HSA funds accumulate tax-deferred and can be withdrawn at age 65 without penalty.


Finally, Washington residents can combine the tax-favored status of a Health Savings Account with "high-deductible" health insurance for money saving value!

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