It's not insurance. But it can be just as valuable.
Health Savings Accounts (HSAs) are designed for people with high-deductible health plans from an employer. If you (or a covered family member) are ill or injured, an HSA can help you afford the best treatment possible.
- Contribute up to $3,600 a year for individuals and $7,200 for families in 2021 (Numbers will rise to $3,650 and $7,300 in 2022)
- Earn interest on your deposits without paying taxes on gains1
- Withdraw money tax-free, as long as withdrawals are used for qualifying medical expenses1
- Pay for qualified medical costs with a dedicated debit card
- Track your savings through The Bank of Missouri's online banking, and use online tools to make automatic transfers to your HSA
- If you don't use all your contributions one year, they roll over to the following year
- If you change jobs, your HSA stays with you
Qualified Medical Expenses
In addition to doctor bills and hospital costs, HSAs can cover:
- Ambulance service
- Dental treatment
- Hearing aids
- Lab fees
- Nursing services
- Physical therapy
- Prescriptions drugs
- Psychiatric care
- Weight-loss programs
Over-the-counter medications and health insurance premiums generally do not qualify. For a complete list of qualified medical expenses, please see IRS Publication 502.