Health Savings Accounts

Health Savings Accounts

Health Care Funds for Today and the Future

Could you use a tax break? If so, enroll in a health savings account (HSA). Having an HSA is one of the smartest decisions you can make. The money put into the account is tax-free and you’ll start saving money on day one.

Even better, your WageWorks HSA is your account — you own it! You decide how and when to spend your HSA dollars, and the funds are yours to keep, even if you change jobs or retire.

Your Savings Add Up

Think of your HSA as a health care account and savings account combined. HSA contributions are deducted from your paycheck before taxes are taken out,* and if you want, you or someone on your behalf can add money to your account, up to the HSA annual limit. Since your HSA funds roll over from year to year, you never lose the money in your Deposit Account. Check out our HSA Contributions page for more information.

Eligible HSA Expenses

You can use your HSA dollars to pay for hundreds of eligible expenses.

  • Medical expenses: copays, co-insurance, and deductibles
  • Dental expenses: exams, cleanings, X-rays, and braces
  • Vision expenses: exams, contact lenses and supplies, eyeglasses, and laser eye surgery
  • Professional services: chiropractor and acupuncture
  • Prescription drugs and insulin
  • Over-the-counter (OTC) health care items: bandages, pregnancy test kits, blood pressure monitors, etc.
  • See more examples on our HSA Expenses page

More Money in Your Paycheck

Your increased annual take-home pay and HSA savings depend on your income tax bracket. If you are in a 30 percent tax bracket, you can save $30 for every $100 that you put into your HSA. Put $1,000 in your account, and you increase your annual take-home pay by $300*.

Save even more — tax-free — by letting your HSA funds grow over time. The HSA dollars in your Deposit Account will continue to bear interest. And if you want, investment opportunities are available when your HSA funds reach a certain balance. Visit our HSA Savings and Investments page for more details.

Save Money Today

HSAs benefit everyone — single individuals, families, and soon-to-be retirees. Check out how others save money on our HSA Savings Examples page.

Your employer will let you know when you can sign up for an HSA. And when you’re ready to open your HSA, just log in to your WageWorks online account and follow the enrollment instructions. Further details are on our HSA Enrollment page.

HSA Guidelines

Setting up an HSA is your choice. If you decide to establish an account, you must meet HSA eligibility requirements created by the IRS, including:

Knowing the ins and outs of an HSA will help you make the best use of your account funds. Learn more by visiting our HSA Participant Guidelines page.

Pay the Easy Way

When you open your HSA, you’ll receive an Visa® Benefit Card — the easiest way to pay for eligible expenses. This card gives you instant access to your account funds, and there are no claims to worry about (but keep your itemized receipts in cases you’re audited).

Simply purchase eligible expenses for you or your qualifying tax dependents at most health care providers and merchants that accept Visa. See our Benefit Card page to learn more.

There are ways to pay a health care provider directly from your account and reimburse yourself for eligible out-of-pocket expenses. Just visit the Participant Guidelines page for more details.

The Benefit Card is issued by UMB Bank, n.a., pursuant to a license from Visa U.S.A. Inc.

*HSA contributions are deducted before federal and most state taxes. Savings vary depending on your tax bracket. Check with your tax advisor for details regarding your state taxes and your tax savings.

HSA Custodian Banks

Individuals that elect to participate in their employer's HSA plan offering will be required to enter into an Accountholder Agreement as well as other agreements including, but not necessarily limited to, an HSA Adoption Agreement, Custodial Account Agreement, Disclosure Statement, and HSA Deposit Account Terms, Conditions and Disclosures, directly with the third party custodian bank. The custodian bank has the right to charge fees and other amounts to each individual HSA account holder and, with appropriate notice to such individual HSA account holder, to make changes to the custodian bank's account holder fee schedule and any other terms and conditions contained in any of their documents if and when the custodian bank deems it appropriate.

For clarification, HSA custodian banks are not subcontractors of WageWorks and the Accountholder Agreement between a custodian bank and each individual HSA account holder controls the terms under which the HSA is maintained by the custodian bank, including the rights of the custodian bank to charge fees or other amounts to individual HSA account holders for managing the HSAs.