What is a Health Savings Account (HSA)?
It is a tax-advantaged medical savings account for participants in a qualifying high-deductible health plan (HDHP).
When a participant enrolls, they or their employer can contribute funds from their paycheck tax-free!
A participant can choose to use those tax-free funds to pay for eligible medical expenses, save for retirement, and/or invest.
Want to learn more about the basics of an HSA? Watch this episode of our Benefits Buzz podcast.
Who is eligible for an HSA?
An individual is eligible for an HSA if they are:
- Covered by an HSA-eligible health plan, otherwise known as an HDHP.
- Not covered by any other health plan that would disqualify them from an HSA.
- Not enrolled in Medicare.
- Not claimed as a dependent on someone else’s tax return.
What expenses are HSA eligible?
There are hundreds of expenses that are eligible for funds, including:
- Copayments
- Sunscreen
- Contact lenses
- Dental services
- Ambulance
Shop the HSA Store to find hundreds of eligible expenses.
Benefits of an HSA
Participants experience three key HSA benefits:
Save now
Funds are withdrawn tax-free for eligible expenses
Save later
Tax-free contributions and all funds carry over annually.
Invest
Invest funds to expedite growth.
2022 and 2023 HSA contribution limits
| HSA | 2022 | 2023 |
|---|---|---|
| Self-only | $3,650 | $3,850 |
| Family | $7,300 | $7,750 |
Learn more about 2023 HSA contribution limits.
National HSA Awareness Day
National HSA Awareness Day, held annually on October 15, is dedicated to learning about the value HSAs can bring employees. Ready to get started?
Watch our 2022 HSA Day episode of Benefits Buzz:
One account. One app. One card.
Online account
Check your balance, manage investments, and more!
Mobile app
24/7 HSA access at participants’ fingertips.
Benefits card
Multi-account spending with a single card.
The HSA employer experience
We’ve built and continue to invest in technology and services that make it easy for employers to offer an HSA.
Streamlined onboarding and management
Enjoy a transparent process with clear deliverables throughout the onboarding process.
Tailored for employers of all sizes
We’ve simplified processing to allow employers to easily fund contributions in a way that works best for them, group transfers, and accelerated contributions.
Personalized participant experience
Whether your HSA participants are spenders, savers, or investors, WEX has the
tools and resources they need to confidently use their HSA.
Health Savings Accounts (HSAs) from WEX
From custom options for partners, to personalized experiences for participants, WEX simplifies HSAs for everyone.
When you partner with WEX, you get a completely custom package built for the needs of your business, your employers, and your participants.
Key features
- Build your custom offering based on your tech and servicing needs
- Work with your preferred financial advisor on custom fund lists for investments
- Leverage best-in-class customer service and robust integration solutions
We make it easy for you to recommend WEX to your client by offering custom technology solutions to meet the needs of every organization alongside a service experience that’s second to none.
Key features
- Benefits consolidation creates a unified experience across FSA, HSA, HRA, commuter benefits, COBRA, and more, including streamlined onboarding, ongoing administration, and renewal
- Bulk transfer options to support an HSA move for even the most complex organizations
- Fully customize the technology experiences to your client’s needs, with your client’s brand
With streamlined processes to ease the burden of HSA administration, employers of any size can easily offer an HSA without the hassle on their end.
Key features
- Use Bulk HSA Transfer to assist in transferring your employees’ old HSAs to their new HSA custodian
- Easily mirror your 401(k) investment lineup with your HSA offering
- Leverage HSA Advance, which lets your participants tap into contributions before they’ve built a balance
With one debit card, one online account, and one mobile app to manage their HSA, you get a simplified and personalized experience right from the start.
Key features
- Online account with expense dashboard to manage and track your HSA and fully integrated investment solution
- Easy-to-use mobile app that lets you do everything from their phone or tablet
- One debit card for their health, wellness, and commuter benefits
- Personalized messaging, no matter how you use their HSA
Get More Information from WEX
Download your resource by simply clicking on the image to get all the details you need on HSAs from WEX for partners, consultants, brokers, employers, and participants.
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