Providence Health Plans
Is a Health Savings Account right for you?
What is a Health Savings Account (HSA)?
A HSA is a tax-exempt, bank savings account that you can pair with one of our HSA-Qualified plans. We provide comprehensive medical benefits while you fund your health savings account and enjoy tax savings.
The HSA Advantage
- Financial flexibility
Use your account to pay for qualified medical expenses, including those not covered by your insurance. Or invest your HSA dollars for future medical expenses or retirement.
- Ownership
A HSA belongs to you and its savings are yours to keep. Funds roll over every year and follow you wherever you go, even if you change health insurance.
- Triple tax savings
HSA contributions are tax deductible. Medical expense withdrawals are tax-free. Investments are tax-deferred.
How HSA’s work
Much like an Individual Retirement Account (IRA), an HSA is established through annual contributions by you. You can contribute up to 100 percent of your plan’s deductible amount or up to the maximum contribution levels determined by the Internal Revenue Service each year.
Health savings accounts are managed by HSA trustees, usually a bank. You choose the bank that will administer your health savings account or for your convenience, we have partnered with U.S. Bank. Your HSA-Qualified health plan and U.S. Bank HSA work together as an affordable way to help you manage your health care spending. U.S. Bank provides:
- An HSA debit card for quick, easy payment of qualified medical expenses (QME). Click here or a list of QME’s.
- Monthly statements, either paper or online, showing your account activity.
- Online and toll-free access to account information.
- Mutual fund investment options for a portion of your HSA fund
