How does a Health Savings Account work?
A health savings account (HSA) is a tax-advantaged medical savings account that is available to people with high deductible health plans. The funds contributed to an HSA are not subject to federal income tax at the time of deposit. Put simply, it’s a way for you to reserve funds for medical expenses without paying taxes or interest on those dollars.
We partner with the two leading no-fee online HSA providers which make it seamless for members to enroll and save on their health expenses.
What expenses can you use an HSA for?
- Qualified Medical Expenses: Deductibles, co-insurance, prescriptions, vision and dental care expenditures, and other non-insurance-premium medical expenses
- 2019 contribution limits
- Individual-only HDHP coverage: Up to $3,500
- Family HDHP coverage: Up to $7,000
How do I enroll in an HSA through Stride?
- Members with High Deductible Health Plans (HDHP) can navigate to the Benefits tab in the Stride app and scroll down to the Health Savings Account category under Taxes and Benefits
- Tap the banner that says "Get Started" and you'll be directed to a web-page
- You can open either an individual account OR an employer admin account and begin enrollment from there
- Once you complete enrollment, you can contribute pre-tax dollars into your HSA and then use them for qualified medical expenses