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Your HSA (Health Savings Account)

A Health Savings Account (HSA) is a tax-savings vehicle used to set aside pre-tax payroll dollars for future healthcare expenses. Unlike FSAs, HSA dollars roll over from year to year if they are not spent.

The rules are similar to those that apply to individual retirement accounts. Funds in the HSA can grow tax-free and be used tax-free for qualified healthcare expenses. Using the funds for non-qualified expenses can result in IRS penalties. Eligible expenses are typically those allowed under a Flexible Spending Account (see FSA Qualified Expenses).

There are specific tax laws that apply to HSAs. Here are the most common that you should be aware of:

  • You must participate in a Qualified High Deductible Health Plan (HDHP) in order to contribute to an HSA in the current tax year. Remember: you do not need to be in an HDHP in order to use HSA funds that you contributed in past years.

  • You cannot use your Flexible Spending Account (FSA) for medical, prescription or over-the-counter expenses under the Deductible if you are making contributions to your HSA. You can still use an FSA for dental and vision.

Federal HSA Limits & Maximums

For Plan Years Beginning: 2016 2017 2018
Minimum Deductibles Single
HSA Contribution Maximums Single
Age 55+ Catch Up Contributions   $1,000 $1,000 $1,000

Learn more about Health Savings Accounts

  • US Treasury Department's HSA information page HERE.
  • IRS Publication 969: provides IRS guidance on FSAs, HRAs, HSAs and other tax-favored employee benefits.