It’s that time of year again where love is in the air. You’re seeing it everywhere: at the store, on TV, even at your pharmacy, dentist or doctor’s office. That’s right, even at the doctor’s office. If you currently have a Health Savings Account (HSA), you know that positive feeling I’m talking about.

Now, more than ever, healthcare dollars need to go further. With a Health Savings Account (HSA), you’ll keep more of the money you’ve earned. That’s real savings, real simple.

Let’s look at some of the many HSA benefits you’ll love so you can feel great when it comes to taking care of your healthcare, too.

A Partner that Pays Off

Contributing to a Health Savings Account provides triple tax savings. Contributions made to the HSA are 100% deductible from federal gross income (and generally from state income, with some exceptions). Interest on funds accumulated in the HSA grow tax deferred, and withdrawals from the HSA for qualified medical expenses are free from federal income tax (and generally free from state income tax as well, with some exceptions). Talk about a relationship that pays off!


Still looking for your soulmate? Try pairing an HSA with your High Deductible Health Plan (HDHP)! In order to open an HSA account, you must be enrolled in a qualified HDHP that meets deductible requirements. A higher deductible means lower monthly premiums for you, and subsequently huge savings. Combining your HDHP with an HSA is truly a match made in heaven as you can pay that deductible, plus other qualified medical expenses, using money you set aside in your tax-free HSA.

Spread the Love

Did you know you could use your HSA to pay for more than just prescriptions and doctor visits? In fact, there are thousands of eligible medical/dental/vision/OTC products and services you can spend your tax-free funds on such as sunscreen, first aid supplies, midwives, nursing home fees and more! To spread your HSA love to whatever you need, visit to view a complete list of qualified expenses.

Invested for the Long Term

Have you ever wanted more out of a relationship? With an HSA, you can not only routinely contribute funds yourself, but once you reach a minimum balance, you may invest in a number of mutual funds, just like with your 401(k) or IRA. Any interest or returns on your investment will be tax-free and combined with tax-free contributions and usage, you would be realizing those triple tax savings.

Always & Forever

Unlike FSAs, unused HSA funds are rolled over from year to year without limits, as long as your account is active. That means any contributions you make that you don’t need or use to pay for eligible health expenses for the year can build up overtime and be used in the future or saved for retirement. How’s that for long-term commitment!

Safety, Stability & Security

Whether it’s a job change, a new health plan, or retirement, you control the destiny of your HSA. Unlike FSAs or HRAs, an HSA is 100% employee-owned, rather than being owned by the employer. There is no expiration date and the funds are yours to use and/or invest whether you remain eligible to contribute or not. The money can also be passed on to beneficiaries upon death.

Feelin’ the Love

Feel the love with HSA contributions from those you care about most. Almost anyone can contribute to your HSA—you, your spouse, your employer, even your family members.

Many employers will offer HSA contribution matching up to a certain limit as part of their employee benefits package. So not only are you putting in pre-tax dollars, but you’re also essentially doubling your own contribution by taking advantage of employer contributions.

Additionally, your family members may contribute to your HSA as long as they are eligible, which requires them to have a qualified HDHP and not be otherwise insured.

A Love for the Ages

HSAs can be a great option no matter where you are in life. Starting young in your 20s or 30s while you likely have less medical expenses can allow you to save money for the future and let it grow tax-free.

A little later in life, there is no better time to start saving or increasing the contributions to your HSA to maximize the tax benefits. If you’re age 55 or older, you can also take advantage of the $1,000 annual catch up contribution.

Whether you take advantage of the triple tax savings to pay for current health care expenses for you or your family or save when you can for the future, you’ll love yourself for planning ahead.

Growing Old Together

Through thick and thin, HSAs are there for you when you need them the most. While you have to stop contributing to your HSA once you enroll in Medicare, which happens at age 65 for most people, the flexibility of the account increases when you reach the age of 65. If you are 65 or older, you can withdraw HSA funds for any purpose without incurring a tax penalty – though you will still have to pay income tax on the amount.

(If you are younger than 65 and use HSA funds to pay for a non-eligible expense, that money will incur a 20% tax penalty on top of having to pay income tax.)

You can then use the money in your HSA to pay your out-of-pocket expenses under Medicare. You can also use it to pay for qualified medical expenses that Medicare doesn’t cover at all, like dental care, hearing aids, or long-term care.