Health Savings Accounts (HSA) are a smart way to save and pay for healthcare related services and products not covered by your health insurance. Your tax-free account balance rolls over from year-to-year, allowing you to use your HSA as both an immediate solution and a long-term investment. If you are currently covered by a qualified High Deductible Health Plan (HDHP), visit your local Dirigo branch to talk about opening your HSA today.
Why open an HSA?
- Contributions to your HSA are tax deductible.
- Your account balance rolls over from year-to-year and grows tax-free over time.
- Personal contributions and your employer’s contributions will remain, even if you switch jobs.
- HSAs earn interest and can be invested for additional income.
- You can use your HSA funds to pay for medical expenses that are not covered by your health insurance (medical, dental, eye, mental health appointments, copays, prescriptions, etc).
- Your HSA can be used to pay for medical expenses for your family, even if you’re enrolled for single coverage.
