® HSA pairs a high-deductible health plan with a Health Savings Account (HSA) to cover eligible medical expenses. Once the deductible is met, your health care expenses are paid according to the terms of your health plan. Unused HSA funds roll over from year to year and are portable. That means you can access your HSA funds regardless of employer, age, marital status changes, future medical coverage, or state of residence. What's more, your HSA funds are held in a money market fund and accrue tax-free interest.
HSA has three main components:
- A high-deductible health plan, such as Horizon Direct Access or Horizon PPO.
- A Health Savings Account. Contributions to your HSA can be made by both you and your employer. Contributed funds can be either tax-free or tax-deductible.
- Tools and resources to help members make informed decisions about health care and related spending.
You can use your HSA to pay for all qualified medical expenses. It is your money. Not only do your HSA funds accumulate from year to year; your HSA is portable - the funds remain with you even if you change jobs. HSA funds earn interest and may be invested, and the interest and earnings are tax free.