Learn about HSAs
To contribute to an HSA, you must have a qualifying high-deductible health plan (HDHP). Save money in your HSA as you would in any other interest-bearing account, and use your HSA dollars, tax-free, to pay for healthcare expenses. What you don't spend continues to grow, year after year. After age 65, you can choose to continue to use your HSA tax-free for healthcare expenses or use it for other purposes as taxable income.
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To be eligible to set up an HSA, you:
- Must be covered under a high-deductible health plan (HDHP)
- Can have no health coverage other than the HDHP (certain exceptions may apply)
- May not be enrolled in Medicare
- Cannot be claimed as a dependent on someone else's tax return
Employers may choose to offer HSAs as a benefit to their employees. Individuals enrolled in HDHPs may also open their own HSAs, similar to how they might open traditional checking or savings accounts.
Discovery Benefits, a sister company of Bell State Bank & Trust, sets up and administers HSAs. For answers to your questions and to find out if you are eligible for an HSA, please contact Discovery Benefits at 877-765-8815 and ask to talk to a representative about an individual HSA.