What is a Health Savings Account (HSA)?

A Health Savings Account (HSA) lets you set aside tax-free money so you can save on qualified health purchases including OTC (over-the-counter) products, prescriptions, vision health essentials, and much more. HSAs are always individually owned, but may be available as part of your benefits package through your employer which will let you set aside pre-tax money from your paycheck to fund it. If your employer doesn’t offer an HSA but you’re enrolled in a qualified High Deductible Health Plan that’ll let you participate in one, you can open your own through most major banks. Some HSA eligible items include KT Tape, sunscreen, and copays. Eligible items and services include those that diagnose, treat, mitigate, prevent, or cure a medical condition or function of the body. Account holders can either use an HSA card for their purchase or use their own debit card and submit receipts with a claim for reimbursement. There may also be additional options depending on the HSA administrator or bank custodian, like the ability to transfer funds to your own bank account for reimbursement or to write yourself a check.

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