Breathe easier with a Health Savings Account (HSA)
If you're enrolled in a high-deductible health plan, a Health Savings Account lets you set aside money tax-free for medical expenses. And you're not limited to your employer's default provider: you can open your HSA right here at Self-Help, where your money also helps build economic opportunity in your community.
What happens if you have a really healthy year and don't use all your Self-Help HSA deposits? The good news is the funds simply roll over to the next year, giving you an even bigger financial cushion against illness and injury.
What happens if you have a really healthy year and don't use all your Self-Help HSA deposits? The good news is the funds simply roll over to the next year, giving you an even bigger financial cushion against illness and injury.
HSAs are used in conjunction with high-deductible health plans (HDHPs), a type of health-insurance plan that typically has a higher deductible but a lower premium. To be eligible for an HSA, you must meet the following requirements:
- Be enrolled in a qualified high-deductible health plan
- Not be covered by a health insurance plan other than an HDHP or another allowable plan
- Not be enrolled in Medicare
- Not be claimed as a dependent on another person's tax return