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How an HSA works
It’s common for health insurance providers to offer HSAs. If yours doesn’t have one, you can open a separate HSA account at IncredibleBank. Each year, you decide how much to contribute to your HSA account, though you cannot exceed government-mandated maximums (refer to IRS.gov for HSA contribution limits, restrictions and general program guidance). If you have an HSA through your workplace, you can set up automatic contributions directly from payroll.
You will receive a debit card or checks linked to your HSA account, and you can use the funds on eligible medical expenses. This includes deductibles, co-pays and co-insurance, plus other qualified medical expenses not covered by your plan. Be aware that insurance premiums usually cannot be paid for with HSA funds.
Unlike a Flexible Spending Account, your HSA balance rolls over from year to year, so you never have to worry about losing your savings. Once you’re over age 65 and enrolled in Medicare, you can no longer contribute to an HSA, but you can still use the money for out-of-pocket medical expenses.