What is an HSA?
An HSA (Health Savings Account) is a tax-advantaged account you can use to save money to pay for qualified medical expenses. Because contributions, qualified withdrawals, and investment growth are all tax-free and your money can carry over from year to year, the HSA can help you gain control over your health care expenses. It is associated with an HSA-eligible health plan.
What are the benefits of an HSA?
1. They offer a triple tax advantages. Your HSA contributions are tax-deductible, you can spend your money tax-free for qualifying medical expenses, and any growth is tax-free too.
2. They are investable. Investing your unused HSA money can be a great way to take the sting out of retirement health care costs. By opening an HSA with Fidelity, you can experience the confidence that comes with having a managed investment account as well as the flexibility of many investment options.
3. It's always your money. Your unused HSA money rolls over every year. Keep your HSA if you move or change employers or insurance.
How do I contribute?
Contributions can come in many forms. You may transfer balances from other HSAs to consolidate your accounts, direct deposit from your bank accounts, write checks, and even direct money from another Fidelity account. You may even move money from your IRA to your HSA once in your lifetime for a federal income tax deduction.
How do I spend from my HSA?
Through Fidelity, you are offered the convenience of using your Fidelity HSA debit card, Fidelity BillPay, or even self-reimbursement.
How can I learn more?
To read more about HSAs, their use, and advantages, click here to visit Fidelity's HSA website. If you have other questions, want to find out if you are eligible, or if you would like to speak with someone about opening a Fidelity HSA, please contact our office to speak to an advisor at 419-445-5000.