Health Savings Account (HSA)

An HSA is like a flex account, but better. You never have to worry about forfeiting HSA money you don’t spend - it carries over year-to-year. Money goes in tax-and-FICA-free, grows tax-free, and can be used for eligible expenses tax-free. Your employer may help fund your HSA account.

Use it to save for retirement and make penalty-free withdrawals after age 65. Contribute to your HSA with pre-tax money just like a 401(k), but, unlike a 401(k), your HSA contributions are exempt from FICA.

To be eligible for a Health Savings Account (HSA), the following things must apply:

• You must enroll in an HSA-eligible medical plan, such as the STAR HSA Plan
• You’re not covered by a general-purpose flex account (FSA) or HRA or the balance is $0 before you open an HSA
• You’re not covered by another health plan (unless it’s another HSA-qualified plan)
• You’re not covered by Medicare or TRICARE
• You’re not a dependent of another taxpayer

HealthEquity administers your HSA account. They will issue you a VISA card to pay for eligible expenses or you can submit your receipt to them and be reimbursed from your HSA account.

Learn more.

For more information about HSAs call 801-366-7503 or 800-753-7703