An HSA is an individual savings account that helps cover out-of-pocket health care expenses. These accounts are only available if you enroll in a qualified high-deductible health care plan, as defined by the IRS.
HSAs are typically offered through an employer, and some employers also contribute money to the account to help pay for your health care costs.
You can use the money in your HSA for costs for yourself and your eligible dependents, even if you don’t cover them under your health care plan.
With your MyChoice® Accounts HSA, you choose how to manage your money based on your personal health needs and financial goals—today and into the future. You can spend your HSA now, save it for later, or invest it for longer-term growth. The choice is yours.
| Your goal | Spend now | Save for later | Invest for future costs |
|---|---|---|---|
| How you use your HSA | Use the money in your account to pay for health care costs this year | Set aside part of your account for upcoming costs or for planned expenses (like braces, having a baby, surgery) | Focus on growth to pay for costs down the road, including in retirement |
| Your risk level | No risk, minimal return | Low risk, steady growth | Higher risk, higher growth potential |
| Where you manage your money | Cash HSA account | Money market fund | Low-cost exchange-traded funds |
Spend, Save, or Invest
How to Invest
Why Invest?
