Health Savings Accounts(HSA's) are designed for people seeking a better alternative to the high cost of health insurance – those looking for lower premiums, better value, and financial rewards for being responsible. Health Savings Accounts are "use it or keep it."

A Health Savings Account (HSA) is a tax-favored account used in conjunction with an HSA qualified high deductible health plan. You can contribute funds on a pre-tax or tax-deductible basis, which may be used to pay for eligible medical expenses for you, your spouse, and any tax dependents.  Your health plan representative can also help you determine if your plan is HSA compatible.

The HSA does not have to be provided by your insurance company or their selected partner bank. You may choose your own health savings account administrator.

Vanguard® Funds

Vanguard® no load mutual funds are available at Health Savings Administrators. We offer 22 funds and there is no minimum investment requirement. These funds provide an excellent vehicle to invest for the future. Your money is always available for your use, or it can grow tax-deferred for your future use. Click here to view the funds list.    

We also offer an optional debit card account.

Benefits of Health Savings Accounts

The benefits of investing in a Health Savings Account have become apparent over time. More and more people are selecting HSA plans for the advantages they offer:

• Tax Deductible Contributions
• Interest and Other Earnings on Health Savings Accounts are Tax-Free
• Withdrawals for qualified medical expenses are Tax-Free
• Possibly the best benefit of Health Savings Accounts is the security they provide, not only to peace of mind, but for the future.
• Full Portability
• No Year-End Loss – Health Savings Accounts continue to grow and balances rollover from one year to the next.  

Health Savings Accounts can be a good fit for many people. For example:

• Healthy individuals or families. If you and your family rarely use your health insurance you can pay a lower premium and put the difference in your HSA. It’s use it or keep it!
• Often, individuals with chronic conditions can benefit from an HSA. They may find that their total out-of pocket expenses are less with the HDHP insurance.
• People who want to build a savings account for future use can establish a tax free method with an HSA.
• Individuals looking at retirement. This account can be used for eligible medical expenses even after enrolling in Medicare. In fact, Medicare deductibles and Part B and Part D premiums can be paid tax free from the account.
• Taxpayers looking to reduce their Federal and State income taxes. Note that some states don't allow a state exemption.
• Those wishing to supplement their retirement income. Account holders can withdraw for any non-medical expense just like a pension or IRA plan. (The HSA early withdrawal penalties are waived after age 65.)