Health Savings Account for Individuals and Families
Explore Health Savings Account Plans in Texas
A Health Savings Account (HSA) is a type of tax-advantaged savings account designed to help individuals with HSA-eligible, high-deductible health plans (HDHPs) save and pay for qualified medical expenses and withdraw money tax-free.
Whether you’re seeking an individual health savings account or a family health savings account, these plans offer powerful benefits like tax-deductible contributions, tax-free growth, and the ability to pay for qualified medical expenses.
Key Features of an HSA
- Tax Benefits: Contributions are tax-deductible, the account grows tax-free, and withdrawals for qualified medical expenses are also tax-free.
- Rollover and Portability: Unlike flexible spending accounts (FSAs), unused funds in an HSA roll over year to year, and the account stays with you even if you change jobs or retire.
- Investment Opportunities: Many HSA providers offer investment options once your balance reaches a certain threshold, allowing your savings to grow over time.
- Qualified Expenses: Funds can be used to pay for a wide range of medical expenses, including deductibles, copayments, prescription drugs, dental care, and vision services.
Who Is Eligible?
To open and contribute to an HSA, you must:
- Be enrolled in an HAS-eligible, high-deductible health plan (HDHP)
- Not be enrolled in Medicare
- Not be claimed as a dependent on someone else’s tax return
Explore Plans Today
At Selected Benefits, we help you compare different health savings account plans from the top HSA providers in Texas to find the right fit for your needs. Whether you’re self-employed or simply looking for better control over your healthcare spending, an individual HSA policy can provide both short- and long-term value.
Call Us Today at (866) 270-6209 or fill out the form above to connect with an insurance broker. We’ll help you explore the best health savings account plan for your needs.