A Health Savings Account (HSA) is a special savings account that you can use to save pre-tax funds to pay for medical expenses.
An HSA is owned by you, and can help you save for current and future medical costs.
- The money in your HSA is yours, and you control the account.
- If you change jobs, your account goes with you and any unused funds roll over from year to year.
- All your contributions are free of federal taxes, which reduces your tax liability.
For specific information about your HSA, check your HSA administrator or speak with your employer.
You can fund an HSA up to limits set by the Internal Revenue Service.
|2019 Maximum Contribution||$3,500||$7,000|
|2020 Maximum Contribution||$3,550||$7,100|
|Catch-up Contribution (for 55+)||$1,000|
2019 Maximum Contribution
2020 Maximum Contribution
Catch-up Contribution (for 55+)
You can use your HSA savings to:
- Pay for prescription drug expenses, copayments and other qualified medical expenses, reducing your out-of-pocket expenses.
- Pay non-qualified health care expenses, but you will pay taxes and a 20 percent penalty.
- Invest in stocks, bonds, and mutual funds.
There are multiple ways to use the funds in your account, including a debit card. Speak to your HSA administrator about your options.
Blue Cross Blue Shield of Massachusetts works with several companies to administer HSAs. If your employer offers you access to an HSA (and you subscribe to a qualifying plan), you can follow the links below to get more information or sign into your account. If you are unsure which administrator you have, check with your employer.