Benefits forIsle of Wight County Schools (VA)

Health Savings Account (HSA)

HSAs are an easy win in today’s complex healthcare system.

How an HSA works

An HSA paired with an HSA-qualified health plan allows you to make tax-free1 contributions to an federally-insured savings account. Balances earn tax-free interest and can be used to pay for qualified medical expenses. HSA-qualified health plans typically cost less than traditional plans and the money saved can be put into your HSA.

HSAs empower savings:

– Lower monthly health insurance premiums

– Money put into your HSA is not taxed

– You earn tax-free interest on HSA balances

– HSA funds used for qualified medical expenses are not taxed

– You can invest your HSA funds for increased tax-free earning potential

HSA funds remain yours to grow

With an HSA, you own the account and all contributions. Unlike flexible spending accounts (FSAs), the entire HSA balance rolls over each year and remains yours even if you change health plans, retire or leave your employer.

You can win with an HSA

Regardless of your personal medical situation, an HSA can empower you to maximize savings while building a reserve for the future. Contrary to what many may think, healthy individuals aren’t the only users who benefit from an HSA.