Education What is an HSAccessTM Card?

The HSAccess Card is a tax-advantaged personal savings account that can be used to pay for medical, dental, vision and other qualified expenses now or later in life. To contribute to your HSAccess Card, you must be enrolled in a qualified high-deductible health plan (HDHP) and your contributions are limited annually. You can use the money tax-free to pay for eligible expenses such as copays, deductibles, prescriptions, dental care, contacts and eyeglasses, hearing aids, laser eye surgery, orthodontia and chiropractic care.

Since it is a savings account, you are encouraged to save more than you spend. Unlike FSA funds which are use-it-or-lose-it, your HSAccess Card balance rolls over from year-to-year earning interest along the way. The account is portable, meaning if you ever leave your employer, you can take the HSAccess Card with you because it’s your money and your account.

Participation in a health savings account allows you to invest pre-tax dollars to prepare for your healthcare costs in retirement. Although your funds can be used to pay for immediate healthcare expenses tax-free, you can save the money for healthcare expenses later in life. You can continue to contribute year after year and withdrawals (provided you are enrolled in a HDHP) can be made at any point in time. Whether you withdraw the money tomorrow, five years from now, or in retirement, funds used for qualified healthcare expenses are always tax-free when you save your receipt.

  1. MONEY GOES IN TAX FREE: Most employers offer a payroll deduction through a Section 125 Cafeteria Plan, allowing you to make contributions to your HSAccess Card on a pre-tax basis. The contribution is deposited into your HSAccess Card Account prior to taxes being applied to your paycheck, making your savings immediate. You can also contribute to your HSAccess Card post-tax and recognize the same tax savings by claiming the deduction when filing your annual taxes.
  2. MONEY COMES OUT TAX FREE: Eligible healthcare purchases can be made tax-free when you use your HSAccess Card. Purchases can be made directly from your HSAccess Card Account.
  3. EARN INTEREST, TAX FREE: The interest on your HSAccess Card funds grows on a tax-free basis. And, unlike most savings accounts, interest earned on your HSAccess is not considered taxable income when the funds are used for eligible medical expenses.

The only time you may pay taxes or penalties on your HSAccess Card funds is if you make a non-eligible purchase, or if you contribute more than the yearly maximum contribution limit. However, both circumstances can be corrected free of tax penalties by April 15th of the following calendar year.




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