A Health Savings Account (HSA) is a personal savings account you can use to pay for qualified out-of-pocket medical expenses with pretax dollars, now and in the future. Once you’re enrolled in the HSA, you’ll receive a debit card to help manage your HSA reimbursements. Your HSA can also be used for your expenses and those of your spouse and tax dependents up to age 26, even if they are not covered by the HDHP medical plan.
Your HSA is always yours — no matter what.
One of the best features of an HSA is that any money left in your HSA account at the end of the year rolls over so you can use it next year or sometime in the future. And if you leave the Company or retire, your HSA goes with you so you can continue to pay for or save for future eligible healthcare expenses.
How the HSA Works
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eligibility
You must be enrolled in the High Deductible Health Plan.
contributions
You contribute on a pretax basis and can change how much you contribute from each paycheck up to the annual IRS maximum of $4,300 if you enroll only yourself or $8,550 if you enroll in family coverage. You can make an additional $1,000 catch-up contribution if you are age 55 or older.
eligible expenses
You may use your HSA funds to cover medical, dental, vision and prescription drug expenses incurred by you and your eligible family members.
using your account
Use the debit card linked to your HSA to cover eligible expenses or pay for expenses out of your own pocket and save your HSA money for future health care expenses.
Flexible spending accounts vs. Health savings accounts
| FLEXIBLE SPENDING ACCOUNTS | HEALTH SAVINGS ACCOUNTS |
|---|---|
OWNERSHIP |
|
Your employer owns your FSA. If you leave your employer, you lose access to the account unless you have a COBRA right. | You own your HSA. It is a savings account in your name, and you always have access to the funds, even if you change jobs. |
ELIGIBILITY & ENROLLMENT |
|
You can elect a Healthcare FSA even if you waive other coverage. You cannot make changes to your contribution during the Plan Year without a Qualifying Life Event. You cannot be enrolled in both a Healthcare FSA and an HSA. | You must be enrolled in a Qualified HDHP to contribute money to your HSA. You cannot be covered by a spouse’s non-High Deductible plan or a spouse’s FSA or enrolled in Medicare or TRICARE. You can change your contribution at any time during the Plan Year. |
TAXATION |
|
FSA contributions are tax-free via payroll deduction. Funds are spent tax-free when used for qualified expenses. | HSA contributions are tax-free; the account grows tax-free; and funds are spent tax-free on qualified expenses. |
CONTRIBUTIONS |
|
You can contribute up to $3,300 in 2025 to an FSA. This amount may be increased annually. | Both you and your employer can contribute up to $4,300 in 2025 (up to $8,550 for families). Ages 55+ can make an annual $1,000 “catch-up” HSA contribution. |
PAYMENT |
|
Some plans include an FSA debit card to pay for eligible expenses. If not, you pay up front and submit receipts for reimbursement. | Many HSAs include a debit card to pay for qualified expenses directly. Alternatively, you can save funds for future expenses or retirement. |
ROLLOVER OR GRACE PERIOD |
|
Any unclaimed funds at the end of the year are forfeited. Exceptions might include an additional 2.5-month grace period for expenses to be incurred and reimbursed. | HSA funds roll over from year to year. The account is portable and may be used for future qualified expenses — even in retirement years. |
QUALIFIED EXPENSES |
|
Physician services, hospital services, prescriptions, menstrual products, PPE, over-the-counter medications, dental care, and vision care. A full list is available at www.irs.gov. | Physician services, hospital services, prescriptions, menstrual products, PPE, over-the-counter medications, dental care, vision care, Medicare Part D plans, COBRA premiums, and long-term care premiums. A full list is available at www.irs.gov. |
OTHER TYPES |
|
Dependent Care FSA (pre-tax dollars can be used for elder or child dependent care) and Limited Use FSA (used to pay for eligible dental and vision expenses). | N/A |
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Health savings account documents
health savings account contact information
Carrier: UMB Bank
Phone: 866-520-4472
Website: www.hsa.umb.com
