What Is a Health Savings Account?

A Health Savings Account (HSA) is a plan designed to help you manage the rising cost of health care by allowing you to set aside money to pay for out-of-pocket medical expenses and to save for retirement. You can think of it as a personal savings account for medical expenses. HSAs are employee-owned accounts, meaning you take the HSA with you if you change employers. Unused funds will earn interest and can be invested until they are withdrawn for eligible expenses or at retirement.

You set aside money on a pre-tax basis — this means as long as you use the money for eligible expenses, you won’t pay income taxes on it. View a list of eligible medical expenses or use our Election Worksheet to estimate your health care costs.

2023 HSA Contribution Limits

• Self-only — $3,850
• Family — $7,750
• HSA Catch-up Contributions for those ages 55+ — $1,000 

If you’re married, it can be difficult to determine the amount you are allowed to contribute to an HSA. Want to learn more? Download a guide on how much you can contribute depending on how you and your spouse are covered.

Increase Your Take-Home Pay 

In the example pictured, Jane estimates she will spend at least $2,300 on medical expenses for herself and her dependents next year. She decides to set aside $2,300 in her Surency Flex HSA. Take a look at how she can save.

The savings amounts in the example are provided by Surency for illustrative purposes only. You may save more or less based on your own tax situation. Some states do not recognize these tax exclusions for this program. No part of this website is tax, financial, or legal advice. You should consult your own legal and tax advisers regarding your personal situation and whether this is the right program for you.