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In combination with a qualified High Deductible Health Plan, the Health Savings Account (HSA) gives employees a way to pay for qualified healthcare expenses now and grow their savings for future healthcare needs. HSA contributions don't count toward taxable income for federal taxes and are not taxable in most states.
You, your employee, or both can contribute tax-free money to an HSA. Since the money always belongs to the employee (even if they leave the company) and unused funds carry over from year to year, they never have to worry about losing their money.
To be eligible to contribute to an HSA, employees must have a High Deductible Health plan. The annual contribution limit is based on IRS rules.
An HSA lets employees control how they save, invest, and use their healthcare dollars. Because employees fund the HSA with pre-tax money, they're using tax-free funds for healthcare expenses they would normally pay for out-of-pocket.
The money always belongs to the employee, even if they leave the company. Plus, unused funds carry over from year to year so they never have to worry about losing their money.
With a Humana HSA, an employees account can grow tax-free in an interest-bearing savings account. Depending on the type of HSA they have, they may be able to invest HSA funds in a money market account and wide variety of mutual funds, as well.
Employees can use HSA funds for IRS-approved items and services, such as:
For a sample list of IRS-approved expenses, sign in to MyHumana and click the "Spending Accounts" link under the "Claims & Spending" section, or refer to IRS Publication 969 and Publication 502. The IRS may allow or disallow any expense because of circumstances involved.
Please note: Over-the-counter (OTC) medications such as pain relievers, cough syrup, and allergy medicines require a prescription to be eligible for reimbursement from an FSA or Personal Care Account (PCA). The HumanaAccess Card cannot be used to purchase OTC medications.
View a sample list of HSA qualified expenses according to the Internal Revenue Service.
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