Health Savings Account (HSA) What is a Health Savings Account (HSA)?
When you enroll in the $2,000 or $3,000 high deductible plans, you are eligible to open and contribute to an HSA through WEX . The HSA is a pre-tax, personal savings account you can use to pay for eligible health expenses anytime, even in retirement, giving you an opportunity to reduce your taxable income, and save for near-term or future healthcare expenses.
HSA Eligible Expenses Visit the WEX website and select Healthcare HSA from the drop-down menu for a full list of HSA eligible expenses.
Reasons to love your HSA • You own it : You own your HSA and can take it with you if you leave the company. • You choose how to use it : You choose how much you want to contribute to your HSA and can change your contribution throughout the year. The way you use your HSA is up to you, whether you use it for expenses during the year or let it roll over from one year to the next to use for eligible expenses in the future. • Tax Free : All of your contributions to the HSA are on a pre-tax basis, meaning the amount you elect to contribute comes out of your pay before taxes are deducted, reducing your taxable pay. • NextGen Healthcare contributes too : When you enroll in the $2,000 Deductible Plan or the $3,000 Deductible Plan, NextGen Healthcare contributes to your HSA, helping to offset your out-of-pocket health care expenses.
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