Health Savings Account | HSA

About Your HSA

A Health Savings Account (HSA) allows employees who are enrolled in a qualified high-deductible health plan to put aside money from their gross income into an individual, tax-exempt Trust account. This money can then be used to pay for routine medical expenses or can be accumulated to provide savings for the future. To learn more about the details and benefits of an HSA, click here.

If you already have an HSA and need to log in to your HSA Consumer Portal, click the button below.

Benefits of an HSA

Some of the benefits of an HSA include the following:

  • HSA funds roll over into subsequent years, so your plan continues to grow as you save money
  • Lower health insurance premiums than with regular health plans
  • You own your HSA and choose how to invest the funds
  • You are eligible to deduct contributions you make on your federal income tax return, even if you do not itemize deductions (California does not permit the deduction)
  • Interest and other earnings on an HSA maintained in accordance with federal law are not taxable on your federal return
  • Withdrawals for qualified medical expenses are federally tax-free
  • Catastrophic protection is provided through the high-deductible health plan
  • You have the freedom to see any physician you choose

Eligible HSA Expenses

In general, you can use your HSA to purchase medical, dental, and vision products and services related to the prevention, treatment, diagnosis, or mitigation of a disease or illness. These expenses are determined by the IRS and are outlined in publication 502.

Looking for a list of eligible expenses or a way to purchase eligible items online? Click here!

HSA Tools

  • HSA Investment Options

    Looking for all of the different options you have to invest your HSA funds? Click here for a full list of available investment options provided by Health Care Bank.

  • HSA Fees

    24HourFlex wants you to understand the fees associated with your HSA, such as the charge for paper statements or distributions by check, so you don’t have to pay anything more than is necessary. This post will provide a list of scenarios that may result in a fee and the solutions for avoiding the extra charge.

  • Direct Deposit

    The best and fastest way for you to receive a distribution from your HSA is through direct deposit. Direct deposit also allows you to avoid extra fees attached to receiving checks in the mail. Read our post to learn how to set up direct deposit for your account through your Consumer Portal!