These include tax-deductible contributions, tax-free growth and tax-free withdrawals for qualified out-of-pocket medical expenses.
You can have HSA contributions deducted from every paycheck. You can also elect to make a one-time contribution if needed.
You can withdraw your money at any time tax-free if used for qualified health expenses like doctor’s visits or prescriptions.
You can access your HSA, transfer funds, make contributions or just check your balance 24/7 in the Lively online dashboard or mobile apps.
A Health Savings Account (HSA) is an easy and smart way to pay for qualified medical expenses for you and your dependents.
With its tax-advantages, easy access to savings, and future growth potential it’s an effective savings vehicle that provides benefits today and in the future.
To qualify for an HSA you need to a health insurance plan known as a high-deductible health plan (HDHP). High-deductible health plans have lower premiums and higher deductibles. And to qualify for an HSA, the HDHP must satisfy certain IRS requirements with respect to deductibles and out-of-pocket expenses.
Use HSA money for qualified medical expenses. These costs generally include payments to doctors or dentists, over-the-counter prescription drugs, imaging such as MRIs, medical services (such as home care) and medical equipment or supplies.
You can also reimburse yourself for any qualified medical expenses that your insurance didn’t cover and you had to pay out-of-pocket.
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