Health Savings Account
A Health Savings Account (HSA) allows you to set aside money on a pre-tax basis from your pay check to help you pay for eligible medical, prescription drug, dental, and vision care expenses.
Because your HSA funds are always yours, you can also use it as a way to save long-term for future healthcare needs.
In 2020, you can contribute $3,550 with individual coverage or $7,100 with family coverage.
If you are age 55 or older, you may contribute an additional $1,000.
In 2021, you can contribute $3,600 with individual coverage; or, $7,200 with family coverage.
Your HSA funds are available only as they are deposited in your account.
- You pay nothing at the time of service (except for pharmacy).
- Your provider submits a claim for the services you received to Cigna.
- Cigna sends you an explanation of benefits showing what discounts were applied, what Equifax paid and what you owe.
- You pay the bill to the provider by using your Visa debit card or personal funds.