Health / Tips & tools

Save Money and Get a Triple Tax Advantage

Want to get more from the money you spend on healthcare? A health savings account (HSA) can be a great way to put money aside for future medical bills and boost your spending power at the same time. It’s a little like a retirement account for medical expenses.

You can use the money for medical bills immediately or save it until you retire or at any point in between. If you have an HSA through your employer, you can take it with you when changing jobs.

The thing to remember is that your HSA contains your money, so you never have to “use it or lose it.”

When you put money into your HSA, you get these advantages:

  1. Payroll deductions into your HSA are made pre-tax, while after-tax contributions can be claimed on your tax return at the end of the year. Both may reduce your taxable income.
  2. Interest you earn on the account is tax-free.
  3. The money isn't taxed when you use it to pay for qualified medical expenses, like medical bills.

Savings example1
This example shows the tax savings for a married couple in Rhode Island filing joint tax returns.

  • Household income: $65,000
  • Pre-tax HSA contribution: $2,000
  • Tax savings: $371

1This example is for illustrative purposes only and does not represent actual tax impact.

How does it work? 

If you have a qualified high-deductible plan like BlueSolutions, you can open an HSA and use the money in three easy ways: 

  • Online
    You can pay your doctor directly through the user-friendly website as well as check balances and add money to your account. Reach it by logging in to
  • Debit card
    You can pay right at the doctor’s office or pharmacy with your HSA debit card.
  • Mobile bill pay
    With the BlueSolutions Spending app, you can add money to your HSA, upload claims, submit receipts, and more. Download it on the App Store or Google Play.

What can I spend my HSA money on?

Of course you can use your HSA money to pay your share of qualified medical expenses like doctors’ visits and lab tests. And you also can use it to pay for hundreds of qualified health-related expenses, including many you might not expect:

  • Dental visits
  • Orthodontics
  • Eyeglasses
  • Qualified long-term care insurance premiums
  • Hearing aids

How do I get started? 

If you have a BlueSolutions plan through your employer, you may already have an HSA. To activate it, log in to and click “Your HSA” in the left-hand menu.  

2HSA investment funds are subject to risk. Investment return and principal value will fluctuate and when redeemed may be worth more or less than their original cost.

3Apple and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Google Play is a trademark of Google Inc.

This information is not intended as legal or tax advice. Please contact a competent legal or tax professional for personal advice on eligibility, tax treatment, and restrictions. HSAs are not insurance.