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Health savings accounts: Is an HSA right for you?
Can I use pretax money to fund a health savings account?
If your employer offers a high-deductible insurance plan, you may be able to deposit money into an HSA on a pretax basis. If you open an HSA on your own, you can deduct your deposits when you file your income taxes.
Can my employer contribute to my health savings account, too?
Yes, your employer can contribute to your HSA. But the total of your employer's contribution plus your contribution still must be within the contribution limits.
Are health savings accounts similar to flexible spending accounts?
Yes, but there are a couple of key differences. First, with an HSA you can keep (roll over) any unspent money each year. You can't do that with a flexible spending account. Second, money put into an HSA is yours and can be taken with you if you switch jobs or retire. You can't take money from an employer-sponsored flexible spending account with you if you quit or change jobs. Also, it's important to know that in most cases you can't have both an HSA and a flexible spending account.
How do I find information about medical costs and quality so I can make informed choices?
It can be challenging. Right now it's difficult to get reliable information regarding the cost and quality of treatment options, doctors and hospitals. Your employer or health plan may offer some Web-based tools, as well as access to someone by phone who can give you some basic information. The hope is that as health savings accounts and other consumer-directed health care options become more widespread, the access to information about cost and quality will expand.
Can I withdraw money from a health savings account for nonmedical expenses?
Yes, but if you withdraw funds for nonmedical expenses before you turn 65, you have to pay taxes on the money and a 10 percent penalty. If you take money out after you turn 65, you don't have a penalty, but you must still pay taxes on the money.
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- HSA FAQs. U.S. Department of the Treasury. http://www.treasury.gov/offices/public-affairs/hsa/faq.shtml. Accessed March 18, 2010.
- Consumer-directed health arrangements. Kaiser Family Foundation. http://www.kaiseredu.org/topics_im.asp?id=500&imID=1&parentID=61. Accessed March 18, 2010.
- Bloche MG. Consumer-directed health care. New England Journal of Medicine. 2006;355:1756.
- 2010 HSA indexed amounts. U.S. Department of the Treasury. http://www.treas.gov/offices/public-affairs/hsa/pdf/2010-HSA-%20indexed-amts.pdf. Accessed March 18, 2010.
- Health savings accounts. American Medical Association. http://www.ama-assn.org/ama1/pub/upload/mm/363/hsabrochure.pdf. Accessed March 18, 2010.
- Litchy WJ (expert opinion). Mayo Clinic, Rochester, Minn. April 10, 2010.
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