Health Savings Accounts

The magic of HSAs

An HSA is a tax-advantaged account that allows you to use pre-tax dollars to pay for eligible expenses. Unlike FSAs, you never lose your HSA dollars. Money in your account rolls over year after year — if you don’t spend it. Plus, you automatically earn tax-free interest on your money. When health care expenses come up, you can pay from your HSA.

Your HSA complements your CRSP 403(b). After you’re 65, you can distribute HSA dollars for any expense — you’ll just need to pay ordinary income taxes. Better yet, if you use that money for qualified medical expenses, you never pay taxes at all. It’s not just an HSA — it can be part of your retirement nest egg.

With an HSA, you can save for future qualified health care expenses on a pre-tax basis. You can invest your contributions, and if you spend your HSA dollars on eligible, qualified medical expenses, the withdrawals are tax free.

Total combined employer and employee contributions to an employee’s HSA can’t exceed the annual limit set by the IRS, which is $3,650 for an individual or $7,300 for a family in 2022.

HealthEquity HSA recorded webinars