A Health Savings Account (HSA) is a great way to save for the future. You can set aside a few dollars from each paycheck now, and then you'll have funds to help cover health care expenses that come up later.
The HSA allows you to set aside tax-free money to pay for qualified health care expenses like: medical, dental, and vision deductibles and coinsurance.
Money is tax-free when it goes in to the account. You can put money into your HSA on a pre-tax basis through paycheck contributions. This will lower your overall taxable income.
Money will grow tax-free. You will not pay taxes on the interest your money earns while in the HSA.
It's tax-free when you spend it. When you use your HSA funds on qualified health care expenses, you don't pay any taxes on that money.
It's always your money. An HSA is just like a personal bank account - you own it. The money in the account is yours to keep and use even if you change medical plans, leave First Data or retire.
No "use-it-or-lose-it" rule. Money left in your account at the end of the year will continue to rollover into the next year.
For 2017, you can save up to $3,400 if you are covering just yourself, or $6,750 if you are covering yourself and your family.
NOTE: These limits include any amounts deposited to your account by First Data as a result of earning your HealthyFirst incentives.
You are eligible to contribute to an HSA if:
*If you have received VA benefits for services that are not service-related in the past three months, you can not contribute to an HSA.
Your HSA money can be used to pay for qualified expenses. Click here to see a qualified list of expenses. Then: