Health Savings Account

What is an HSA? Watch the video.

What is an HSA?


A health savings account, or HSA, is an individual savings account to help individuals cover out-of-pocket medical expenses. While HSAs are typically offered through an employer, anyone may open an HSA if he/she is enrolled in a high deductible health plan (HDHP). Per the IRS, HSAs may only be used to purchase qualified eligible items or pay for eligible medical expenses. HSAs never “expire,” as funds roll over year over year. Also, if you leave your place of employment, your HSA is fully portable, and you can retain the account for life. The amount you can save each year depends on if you have coverage for yourself only or you cover other family members too.

Why an HSA?

HSAs help fill the gap between your out-of-pocket expenses and full insurance coverage. If you have a $3,500 deductible, you might have to pay that much with your own funds if you have a hospital or emergency event. You will also pay outright for doctor visits, instead of the customary co-pay amount. Setting aside pre-tax funds in an HSA means that you’ll have that safety net to cover these expenses. And, you never pay payroll taxes on the money during contribution or taxes on it upon disbursement.

You can use this money to pay for your deductible and any out-of-pocket costs. If you don’t use all the money, it stays in your account. Additionally, many people use their HSA as a means of funding medical costs into their retirement by taking advantage of the built-in investment feature and allowing their HSA to grow.

You never forfeit anything in your HSA, and the account is yours if you leave your employer. Some employers even help you pay for your healthcare costs by contributing money to your HSA.

Calculate your potential tax savings

HSA Advantages


HSAs allow you to save pre-tax dollars for your healthcare costs. The amount contributed to your HSA is taken from your pay before payroll taxes are calculated, which can help you pay less in taxes.


HSAs are fully portable, regardless of your employer. If you leave for another organization, your HSA remains intact, with all the money you’ve contributed. You may always withdraw from it for qualified eligible expenses, and you may continue to contribute to it as long as you’re covered under an HDHP.

True savings account

As an individually owned account, the funds in your HSA do not forfeit at the end of the plan year and always belong to you. HSA optimizers may build their funds year over year to ensure they have money for medical expenses when they need them. Uninvested funds are FDIC-insured and gain interest over time.

Investment options

Once your balance reaches a specified level, you may invest* HSA funds, like you would in a retirement account. That provides you with the potential for your money to grow.

*Investments in securities through HSA investments are: Not FDIC Insured • May Lose Value • No Bank Guarantee

HSA Savings Center

Find out how to optimize your HSA and save on everyday eligible expenses.


How much can I contribute each year?

For 2022 plans, limits are $3,650 for individuals and $7,300 for family. Individuals who are ages 55 and up may make an additional $1,000 “catch-up” contribution each year.

For 2023 plans, limits are $3,850 for individuals and $7,750 for family. The individual catch-up contribution remains at $1,000 additional for participants ages 55 and up.

Limits are set annually by the IRS.

What can I spend HSA funds on?
How do I use my HSA?
What happens to my unused funds at the end of the year?
How do I find my balance?
Can I change my contribution amount mid-year?
Can I use the HSA to cover my deductible?
How do I contribute to my HSA?
If my employer is contributing to my HSA, what happens if I leave the organization?
What do I do if I want to switch to a PPO or other type of health plan?
May I use my HSA for my spouse’s or dependent’s expenses?
Can I invest my HSA funds? If so, when?
How do I invest my HSA funds?
Are my funds FDIC insured?
Do you offer investment advice for my HSA?
Does the HSA require verification?
I verified my identity for my previous HSA, why do I have to do it again?
What happens if my ID is not automatically verified?


Do I need a receipt for my spending?

Yes and no. HSAs do not require documentation for expenditures. Participants self-attest that the funds used were for eligible medical expenses and are responsible for consulting eligible expense lists. MyChoice Accounts will not request documentation in order to provide a fund transfer to a participant. However, it is best practice to maintain personal records and upload documentation with a fund request in case of IRS audit.

How can I use my debit card to pay for items?
What if I use my HSA for an ineligible item?

How to Request Funds

At MyChoice Accounts, we’ve made it easy to access your HSA.

If you have paid for an eligible expense out of pocket and would like to reimburse yourself, you may put in a fund request.

  1. Log in to your account online or on the mobile app (iOS or Android).
  2. For an automatic transfer to your bank account, go to Manage>bank accounts to set up your account information in our secure portal.
  3. Select “Transfer” and fill in the amounts. Use the description section to identify the expense type for your personal records (optional).

If you have a bill for a doctor, dentist, hospital, etc. you may pay it directly with our provider pay option.

  1. Log in to your account online or on the mobile app (iOS or Android).
  2. To pay a provider, go to Manage>Providers to set up the provider in our system.
  3. On your HSA, select Pay Provider and fill in the required fields – dates, provider and payment amount. You may upload documentation for your personal records (optional).

Employers and Brokers

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