An HSA lets you take more control of your health by allowing maximum tax savings for medically-related expenses. You’re not taxed on contributions, reimbursements (when used on eligible expenses), or investing your HSA to grow your savings (when reaching the minimum balance required).
How can you lower your taxable income with an HSA?
Contributions to your HSA are tax-deductible, and the funds are tax-free when used for qualified medical expenses. For example, if you contribute $2,000 annually to your HSA and your base salary is $30,000- you will only be taxed on $28,000 come tax season.
At retirement age, the money in the account is yours for medical or nonmedical expenses (when used for nonmedical expenses, it’s considered taxable income). Learn more about retiring with your HSA here.
Contacts
- Inspira Information Line: 888-678-8242
- Account balance
- Eligible expenses questions
- Claim status and inquiries
- Inspira Member Website
- Savings Calculator
- Eligible Expense Search
- Claim status and inquiries
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