Health Savings Account
Theoption allows users to view their Health Savings Account (HSA) data, start a new HSA, make changes to an existing HSA , or stop an existing HSA .
An HSAis a tax-sheltered trust account owned by the user for the purpose of paying qualified medical expenses for themselves, their spouse, and their dependents. When users enroll in a High Deductible Health Plan (HDHP), the health plan determines whether they are eligible for an HSA based on information provided by the user.
To be eligible for an HSA, IRS regulations state that following requirements are met:
- Must be a participant in an HDHP.
- Cannot be covered by any other health plan that is not an HDHP, except those specifically allowed (e.g., disability, dental, vision, long-term care, and limited expense flexible spending accounts).
- Cannot be claimed as a dependent on someone else’s tax return. (This does not include filing jointly as a spouse.)
- Cannot be enrolled in TRICARE, Medicare, or have received Department of Veterans Affairs (VA) benefits within the previous 3 months.
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