Health Savings Accounts (HSA)
Save for tomorrow’s healthcare expenses today
Our health savings accounts offer a triple tax advantage — and room to grow.
What Is an HSA?
A smarter way to save for healthcare
A health savings account, or HSA, is a personal savings account that can be used to pay for medical, dental, vision, and other qualified expenses now or later in life.
- You must be enrolled in a qualified high-deductible health plan
- Your HSA balance rolls over from year to year, earning interest along the way
- You can even opt to invest the funds in your account*
Money goes in tax-free
Most employers offer a payroll deduction through a Section 125 Cafeteria Plan, and your contribution can be deposited into your HSA before taxes are applied to your paycheck, making your savings immediate. You can also contribute to your HSA post-tax and claim the deduction when filing your annual taxes.
Money grows tax-free
The interest you earn on the money in your health savings account is accumulated on a tax-free basis. And, unlike most savings accounts, the interest earned on HSA funds is not considered taxable income when the money is used to pay for eligible medical expenses.
Money comes out tax-free
Eligible health care purchases can be made tax-free with your HSA. You can pay for these expenses directly from your HSA, whether it's through your benefits debit card, ACH, online bill pay, or by reimbursing yourself with HSA funds for out-of-pocket purchases.
HSA videos
Still a little murky on the ins and outs of HSAs? Check out our videos for more helpful information.
HSA calculators
Wondering how much to set aside in your HSA? Crunch the numbers with our calculators.
HSA forms
We’ve rounded up a list of forms that are especially useful if you’re on your employer’s plan.
Contribution Limits
Health savings accounts
| Year | Family Coverage |
Individual Coverage |
Catch-Up for Those Age 55+ |
| 2025 | $8,550 | $4,300 | $1,000 |
| 2026 | $8,750 | $4,400 | $1,000 |
Frequently Asked Questions
View All ›An HSA from Omnify is a personal savings account that can be used to pay for medical, dental, vision, and other qualified expenses now or later in life. HSAs allow you to save money by reducing your taxable gross income, spending pre-tax dollars for healthcare, and growing your HSA dollars tax-free.
Since it’s a savings account, you’re encouraged to save more than you spend. Unlike flexible savings account funds, which are “use it or lose it,” your HSA balance rolls over from year to year, earning interest along the way. The funds can even be invested, making it a great addition to your retirement portfolio.* The account is portable, meaning if you ever leave your employer, you can take the HSA with you because it’s your money and your account.
*Investment products: Not FDIC Insured - No Bank Guarantee - May Lose Value
The IRS has established the following annual contribution limits.
| Year | Family coverage | Individual coverage | Catch-up for those age 55+ |
|---|---|---|---|
| 2025 | $8,550 | $4,300 | $1,000 |
| 2026 | $8,750 | $4,400 | $1,000 |
- Use your benefits card
- Pay bills through online BillPay
- Reimburse yourself for out-of-pocket healthcare purchases
Yes, over-the-counter (OTC) medications are an eligible expense. An OTC medication is a product with an active drug ingredient. A few of the most common items are pain relief medication, cold and flu products, allergy products, and heartburn medication. You can find a comprehensive list on the HSA Store website.
Yes, IRS Form 8889 is used to report HSA contributions and distributions. You must complete this form each year with your tax return. Please consult a tax professional regarding tax rules.
The tax treatment of employer HSA contributions depends on how the business is incorporated. For sole proprietors, partnerships, and S-corporations, contributions to a partner’s HSA will be treated as a distribution to the partner and included in the partner’s income and may be deductible by the partner but not by the business (see IRS Notice 2005-8 for treatment of HSA contributions in exchange for guaranteed payments of services rendered for partners and two percent shareholder employees of S-corporations). For larger corporations, employer contributions are treated as employer-provided coverage for medical expenses under an accident or health plan.
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