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 Unused funds will earn interest and can be invested until they are withdrawn for eligible expenses or at retirement.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.