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What is a Health Savings Account? 
A health savings account (HSA) is a tax-favored savings account specifically designed to provide tax-advantaged savings for qualified medical expenses. To receive the tax benefits of your HSA, you must be enrolled in a qualified high deductible health plan. An HSA allows you to grow funds in a secure savings account on a tax-deferred basis and pay for qualified medical expenses tax-free with money that has been contributed to the account before it has been taxed, providing triple tax advantages.
A Blue Healthcare Bank HSA offers many features:
- HSA funds can be accessed via debit card and online bill pay
- HSA funds are individually owned and can be saved and/or invested* for retirement, much like a 401(k)
- Your HSA goes with you if you change employers or insurance plans, there are no use it or lose it provisions
- Unlike a flexible spending account (FSA), unused HSA funds automatically rollover at year-end
With an HSA you get the best of both worlds - the accessibility of an FSA and the ownership of a 401(k).
| Deposit Tax-deferred | Grow Tax-deferred | Withdraw Tax-deferred** | Individually Owned | Investment Options* | Pays Current Medical Expenses | Employer May Match/Contribute | |
|---|---|---|---|---|---|---|---|
| HSA | X | X | X | X | X | X | X |
| FSA | X | X | X | ||||
| 401(k) | X | X | X | X | X |
Open an HSA Today!
*Cash deposits maintained at Blue Healthcare Bank in the HSA are FDIC-insured. Cash balances transferred and invested in mutual funds are maintained at Marshall & IIsley Trust Company, N.A. Marshall & IIsley Trust Company, N.A. does not render investment advice, does not have any discretion for the investment selections provided, and does not make any representations or warranties that it does. Mutual fund accounts are not deposits in, or obligations of, and are not guaranteed by Blue Healthcare Bank or Marshall & IIsley Trust Company, N.A. Mutual funds are not FDIC-insured and are subject to market and investment risk, including the possible loss of the principal amount invested. Mutual funds are not the products of Blue Healthcare Bank or any other Blue Cross and/or Blue Shield Plan.
**For qualified medical expense