High Deductible Health Plans (HDHP) and Health Savings Accounts
An HSA is an account that can be funded with your tax-exempt dollars to help pay for eligible medical expenses not covered by your insurance plan.
Anyone who meets the following criteria is eligible for an HSA:
- Covered by an HDHP, and not covered by any other plan that is not an HDHP, including a spouse’s FSA through their employer
- Not eligible for or enrolled in Medicare
- Not eligible to be claimed on another person’s tax return
After visiting your physician, health care facility or pharmacy, your medical claim will be submitted to your HDHP for payment. Then, you can use your HSA to pay for out-of-pocket expenses that were not covered by your plan. Or, you can simply save your money in your HSA for future medical costs.
High Deductible Health Plans (HDHP) and Health Savings Accounts
- Once your deductible is met, most medical costs are covered at 100 percent.
- Contributions to and withdrawals from HSAs for qualified expenses are tax-exempt
- Provide you with the ability to save for future medical expenses
- HSA funds roll over from year to year
- If the account is through your employer and you leave, you take it with you.
- You control and manage your health care expenses.
Maximum HSA Contributions for the 2023-24 Plan Year
Please Note: Associates must complete their health savings account enrollment before contributions can be made.
Click here to access your Wex HSA Account: Wex Login
For eligible tax-free HSA items and services, visit: The HSA Store