How do HSAs and HSA-compatible high deductible health plans work?

Opening an HSA and enrolling in an HSA-compatible health plan is simple.
Here’s how it works:
  • When you enroll in an HSA-compatible health plan you have the option to open an HSA.
  • Once you open an HSA, you contribute money to your HSA through pre-tax or post-tax contributions.
  • You can use the money in your HSA to pay for qualified medical expenses, including your deductible and copayments. Many financial institutions will provide a debit card or checks for easy access to your HSA funds. So, you can use either a debit card or checks to pay for qualified medical expenses.
  • Any money you don’t use this year rolls over to next year, and the money in your HSA account accumulates interest.
 
It’s that easy.
 
Learn how to open an HSA.