Health Savings Account (HSA)

If you’re enrolled in an HSA-compatible health insurance plan (HDHP)  you may be able to contribute to your HSA.  HSA funds can be used to pay for HDHP out of pocket costs, including deductibles, prescription drugs, co pays, and other expenses such as dental or vision.  An HSA is often described as a ‘medical IRA’ but in truth it’s an amazing opportunity to get a triple tax advantage:  Tax free contributions, Tax free growth, and tax free withdrawals.  Your HSA contributions can be done pre-tax through payroll, or you may also take an ‘above the line’ tax deduction through April 15^th yearly.  If you’re enrolled through your employer-plan with PAYPROtpa Accounts, we will aid In the set up of your account, make deposits based on you and/or your employer contributions, and you’ll also have access to your HSA using the PAYPROtpa Benefit Card, and the mobile and web portals.

HSA – A Quick Look