Health Savings Account (HSA)

A type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses. By using untaxed dollars in a Health Savings Account (HSA) to pay for deductibles, copayments, coinsurance, and some other expenses, you can lower your overall health care costs.

For 2024, an HSA can be used only if you have a High Deductible Health Plan (HDHP) — generally any health plan (including a Marketplace plan) with a deductible of at least $1,600 for an individual or $3,200 for a family. When you view plans in the Marketplace, you can see if they’re “HSA-eligible.”

For 2024, you can contribute up to $4,150 for self-only HDHP coverage and up to $8,300 for family HDHP coverage.  For HSA users aged 55 and older, you can contribute an extra $1,000 to your HSAs.  HSA funds roll over year to year if you don’t spend them. An HSA may earn interest, which is not taxable.

  • HSA funds roll over and accumulate year to year if they are not spent, unlike most Flex accounts
  • Check with a tax professional to see if you can save by starting an HSA
HSA RatesAnnual Percentage RateAnnual Percentage Yield
HSA Shares.35%.35%
Dividends are paid quarterly and calculated from day of deposit to day of withdrawal.