What is a Health Savings Account (HSA)?
A Health Savings Account (HSA) is a tax-exempt account that you or your employer can deposit funds into on your behalf. Any amount that you contribute can be deducted from your taxable income, giving you a tax savings. You can use the funds in your HSA to pay for IRS qualified out-of-pocket medical expenses (such as deductibles, copays, and coinsurance), including some expenses and services that may not be covered by your health plan. You can spend HSA funds on medical expenses for your spouse or other tax dependents, even if they are not covered under your plan.

When you enroll in the Qualified High Deductible Health Plan, you will have the option to elect to enroll in an Health Savings Account through Optum.
See also: HSA Frequently Asked Questions (FAQ)

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1. How can I learn more about the 3 different medical plans?
2. How are the three medical plan options the same?
3. When do I have to make my 2018 medical plan decision?
4. Can I make a different plan choice in future years?
5. What does “qualified” mean?
6. Do prescriptions count toward the deductible under the QHDHP?
7. What is a Health Savings Account (HSA)?
8. Who is eligible for an HSA?
9. Who funds the Health Savings Accounts (HSA)?
10. What does “seed money” mean?
11. How much can be contributed to my HSA?
12. Who administers the HSA?
13. Are funds in the HSA “use it or lose it?”
14. How do you make withdrawals from the HSA?
15. Who keeps records to substantiate HSA reimbursements?
16. What happens to my HSA account when I die?
17. What about “coordination of benefits?”
18. Can I have an HSA and a Flexible Spending Account (FSA) at the same time?
19. When will I receive information about my 2018 Flexible Spending Account (FSA) ?