Plan for a Healthy Future

Health Savings Account

{Save for healthcare expenses;
save for retirement}

WageWorks® Health Savings Account

A WageWorks® Health Savings Account (HSA) is like a 401(k) for healthcare. Combined with your company’s HSA-qualified high-deductible health plan, a WageWorks HSA gives you an easy, safe way to lower our healthcare costs today while saving money for future healthcare expenses.

Spot Photo HSA Final

Why You Need It

  • Pay for today’s eligible out-of-pocket healthcare expenses using tax-free money and put away something extra for tomorrow’s healthcare needs
  • Pay fewer taxes this year and in retirement earnings on your HSA funds are tax free, too
  • Earn money while saving money with no “use it or lose it” risk 

How It Works

Simply decide how much you want to contribute, and funds are withdrawn from your paycheck for deposit into your HSA before taxes are deducted. Use your HSA to pay for everyday eligible healthcare expenses, and any balance left builds your healthcare nest egg. You can even invest your HSA balance and not pay taxes on your gains. The money in your account is yours to keep even if you change jobs, switch healthcare plans, or retire. Unused funds are rolled over from year to year.

How You Manage It

With a variety of payment and reimbursement options, your WageWorks HSA is easy to use. The convenient WageWorks® Healthcare Card associated with your account can be used to pay for hundreds of eligible healthcare products and services for you, your spouse, and your dependents.

Manage your account via a secure website on any computer or mobile device that’s connected to the Internet or via the WageWorks® EZ Receipts® app.

The maximum amount you can contribute to your WageWorks HSA in 2017 is $3,400 if you have individual coverage and $6,750 if you have family coverage. If you are 55 or older as of December 31, 2017, you may contribute an additional $1,000.

How You Get It

Ready to save? Sign up for a WageWorks HSA during your Open Enrollment period. Contact the person or organization managing your benefits enrollment today!

Saving with your HSA

An HSA can help you save on taxes in three ways.

  1. Annual contributions to your HSA are tax-free.
  2. Interest accrued in your HSA is not taxable.
  3. Withdrawals for qualified out-of-pocket healthcare expenses are tax-free.

Use this calculator to see how much you can save with an HSA.

Your Estimated Tax Savings
Without HSA With HSA 
Gross annual pay (estimate) $60,000 Gross annual pay (estimate) $60,000
Estimated tax rate (30%) -$18,000 Max. annual family HSA contribution -6,750
Net annual pay =$42,000 Adjusted gross pay =$53,250
Estimated annual medical expenses -$6,750 Estimated tax rate (30%) -$15,975
Final take-home pay =$35,250 Final take-home pay =$37,245
Take home this much more with a HSA Account: $2,025