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MileOne Autogroup

Health Savings Account

Health Savings Account (HSA) is a tax-exempt savings account established for the purpose of paying for the qualified medical expenses of an individual and/or his or her spouse and tax dependents. The accounts are designed to provide eligible individuals with triple federal tax benefits – HSA contributions are tax-free, interest and other earnings on HSA contributions accumulate tax-free and amounts distributed from an HSA for qualified medical expenses are tax-free as well.

Aside from the federal tax benefits of having an HSA, HSAs have become increasingly popular because they offer the potential for both employees and employers to save money on health care costs. For instance, individuals covered under an HSA are more likely to seek preventative care, choose generic drugs, not misuse the emergency room and use online tools to research health care options and providers.

The money you contribute to an HSA remains your own, and you can continue to build the value of your account over time with continuing contributions. You can withdraw funds for qualified medical expenses at any time. To find out more about HSAs, contact your regional human resources generalist.