Benefits forPrince George County Public Schools (VA)

Health Savings Accounts (HSA)

Start saving more on healthcare.

A Health Savings Account (HSA) is an individually-owned, tax‐advantaged account that you can use to pay for current or future IRS‐qualified medical expenses. With an HSA, you’ll have the potential to build more savings for healthcare expenses or additional retirement savings through self-directed investment options.

How an HSA works:

– You can contribute to your HSA via payroll deduction, online banking transfer, or by sending a personal check to HSA Bank. Your employer or third parties, such as a spouse or parent, may contribute to your account as well.

– You can pay for qualified medical expenses with your Health Benefits Debit Card directly to your medical provider or pay out-of-pocket. You can either choose to reimburse yourself or keep the funds in your HSA to grow your savings.

– Unused funds will roll over year to year. After age 65, funds can be withdrawn for any purpose without penalty (subject to ordinary income taxes).

– Check balances and account information via HSA Bank’s Member Website or mobile device 24/7.

Are you eligible for an HSA?

If you have a qualified High Deductible Health Plan (HDHP) – either through your employer, through your spouse, or one you’ve purchased on your own – chances are you can open an HSA. Additionally:

– You cannot be covered by any other non-HSA-compatible health plan, including Medicare Parts A and B.

– You cannot be covered by TriCare.

– You cannot be claimed as a dependent on another person’s tax return (unless it’s your spouse).

– You must be covered by the qualified HDHP on the first day of the month. When you open an account, HSA Bank will request certain information to verify your identity and to process your application.

Eligible HSA Expenses

The IRS determines what expenses are eligible under an HSA. Below are some examples of common eligible expenses:

– Deductibles

– Copays

– Prescriptions

– Dental work and orthodontia

– LASIK

– Glasses and contact lenses

– Band-aids

– Sunscreen

For a full list of eligible expenses, go to www.hsabank.com

HSA Bank Mobile

Health savings in the palm of your hand! To get started, follow these three simple steps.

  1. Create Your Username and Password – Register on the Member Website.
  2. Download HSA Bank Mobile – At Google Play or the App Store.
  3. Login to HSA Bank Mobile – Start managing your account on the go.

Visit hsabank.com or call the number on the back of your debit card for more information.

Small steps can make a big difference!

Can’t contribute much to your HSA this year? That’s OK! You can start small, but start now. Small contributions to your HSA can really help you build a financial safety net for retirement.

Tip: Use the HSA Contribution Calculator to plan savings at hsabank.com/calculators.