HR, Payroll and Benefits News

What could your Health Savings Account (HSA) amount to over time?

An HSA is a savings account that allows individuals enrolled in a High Deductible Health Plan (HDHP) to pay for qualifying health care expenses with pre-tax money. Your HSA can provide you a triple tax advantage by allowing:

• Tax-free contributions
• Tax-free distributions
• Investment earnings

Try the HSA Growth Estimator to help you determine the potential value of your HSA over time.

A few items to keep in mind:

• You may change your per paycheck contributions at any time throughout the year.
• Money remaining in your account at the end of the year will automatically rollover into the next calendar year.
• Your HSA is portable. If you leave the UW System, you take your account with you.

Reminder: In case you missed it, review the HSA Contributions and Investment Options article.

Source: UW System Human Resources