HSA Information

Health Savings Account (HSA)

Health Equity

866.346.5800 or 877.291.1936
or MemberServices@HealthEquity.com

Download the Value Based Rx List that is available with the HSA plan. The prescriptions on this list are not subject to the deductible and are covered at the co-insurance level (20%)

Learn How to Maximize Your Health Savings

HealthEquity's commitment to building health savings is reflected in our passion for sharing insight and feedback on how to benefit the most from your health accounts. We have developed the following Learn pages to help you understand and maximize your health savings.

HSAs Are An Easy Win

in today's complex healthcare system

How an HSA works

An HSA paired with an HSA-qualified health plan allows you to make tax-free contributions to a federally-insured savings account. Balances earn tax-free interest and can be used to pay for qualified medical expenses. HSA-qualified health plans typically cost less than traditional plans and the money saved can be put into your HSA.

HSAs empower savings:

Lower monthly health insurance premiums
Money put into your HSA is not taxed
You earn tax-free interest on HSA balances
HSA funds used for qualified medical expenses are not taxed
You can invest your HSA funds for increased tax-free earning potential

HSA funds remain yours to grow

With an HSA, you own the account and all contributions. Unlike flexible spending accounts (FSAs), the entire HSA balance rolls over each year and remains yours even if you change health plans, retire or leave your employer.

You can win with an HSA

Regardless of your personal medical situation, an HSA can empower you to maximize savings while building a reserve for the future. Contrary to what many may think, healthy individuals aren't the only users who benefit from an HSA.

Differences Between FSA and HSA

Although FSAs and HSAs both allow people to use pretax income for eligible medical expenses, there are considerable differences between the two account types. These incluse the qualifications, contributions limits, rules for rollovers and a changing contribution amounts, and withdrawal penalties.

	FSA	HSA
Qualifications	Must be set up by employer	Requires high-deductible health plan Cannot be eligible for Medicare Cannot be claimed as a dependant
Annual Contribution Limits	Up to $3,200 individual Up to $5,300 per household	Up to $4,150 (2024) $4,300 (2025) individual Up to $8,300 (2024) $8,550 (2025) per household
Account Ownership	Owned by employer and lose with job change, unless eligible for continuation with COBRA	Owned by individual and carries over with employment changes
Rollover Rules	Employees can roll over $640 into next year's FSA	Unused funds roll over every year
When contributions change	At open enrollment	Any time, as long as you don't go over contribution limits
Penalties for withdrawing	May have to submit expenses to be reimbursed by FSA Depending on employer, employees may not have access to funds for nonmedical expenses	Savings can be taken out of the account tax-free after age 65 If used before 65, for nonmedical expenses, it is subject to a 20% penalty and must be declared on income tax form