Put More Money in Your Pocket with an HSA
A health savings account (HSA) is designed to help you put away money for medical expenses while taking advantage of tax savings. You can open an HSA if you have a qualifying high-deductible health plan.
Four reasons to open an HSA
- Your HSA saves you money on taxes.
Payroll contributions to your HSA can be made pre-tax, while after-tax contributions can be claimed on your tax return at the end of the year. In addition, the money you take out of your HSA is not taxed (as long as it’s used for qualified medical expenses), and your HSA can earn interest tax-free. Qualified medical expenses include many products and services, from prescriptions to physicians’ fees. Check with your tax adviser to find out how an HSA works for your tax situation.
- The money in your HSA rolls over from year to year and is portable.
You can use the money for medical bills next year or even in retirement. If you have an HSA through your employer’s plan, you can take it with you when changing jobs.
- Your HSA debit card can be used at pharmacies and other stores.
Buying eyeglasses, hearing aids, bandages, or other qualified expenses? Use your HSA debit card right at the checkout.
- It’s easy to manage your HSA on bcbsri.com.
You don’t have to call your doctor to pay for office visits or other medical services! Pay your bill simply by logging in to bcbsri.com. Also, check your current HSA balance, schedule money transfers, and more.
Interested in a plan with an HSA?
Our BlueSolutions for HSA Direct plan has lower premiums than many of our other plans. Learn more by calling 1-800-639-2227 or on our shopping page for individuals.