An HSA is one of the most tax-efficient ways to save for future healthcare expenses. With funds that can be invested and carried over indefinitely, an HSA can serve as an important complement to your retirement savings strategy.
What’s Trending with Health Savings Accounts:
HSA Planning Resources
HSA Tax Savings Calculator™
Estimate how much you can save with an HSA. This calculator, from the HSAstore®, will show your savings from contributions, growth, and withdrawals. Click here to access.
HSA Savings Calculator
Estimate how much your HSA will be worth over time; see what effect increasing contributions and other factors will have. Click here to access.
HSA Future Value Calculator
Curious how much your HSA could be worth at retirement? Use this calculator from HSAstore® to estimate your future HSA balance. Click here to access.
HSA Goal Calculator
Help determine how much to contribute to reach your goal of carrying over savings into retirement. Click here to access.
Transferring an HSA into your Roadways HSA
Do you have a Health Savings Account elsewhere? Learn how to transfer it into your Roadways HSA!
HSA Educational Resources
Learn more about your HSA with our short videos and articles.
Health Savings Accounts: FAQs
What is a Health Savings Account (HSA)?
An HSA is a tax-advantaged account for those enrolled in an eligible High Deductible Health Plan (HDHP) that helps you save and pay for qualified healthcare expenses. You can use an HSA to cover medical costs today or save for future healthcare expenses, including those in retirement.
Why should I contribute to an HSA?
An HSA offers unique tax advantages and can help you prepare for both expected and unexpected healthcare costs. Because unused funds roll over year after year, many people use their HSA as part of their long-term retirement savings strategy.
Will I really save on taxes by contributing to an HSA?
Yes! The contributions you make to your HSA are not taxed and your account grows tax-free. In addition, any distributions that are made to pay for eligible medical expenses are not taxed. An HSA is a triple-tax advantage account!
Do I lose my HSA money if I don’t use it?
No. Unlike some other benefit accounts, HSA funds are yours to keep. Any unused balance rolls over each year and remains available for future healthcare expenses.
Can I reimburse myself later for medical expenses I pay out of pocket today?
Yes. If you pay a qualified medical expense out of pocket, keep a copy of your receipt. You can even scan it and save it in your HSA for future reference. Then, at a later date, you can request reimbursement for that expense.
Can I change my election or stop contributing money to my HSA at any time during the plan year?
Yes. You can change the amount of your contribution by logging into your account and updating accordingly. It may take a paycheck or two to reflect the changes. You can also make ACH contributions to your account if you’d like.
Can I invest my HSA balance?
Yes. Your Rollovers HSA allows you to invest your HSA balance from the first dollar. After logging into your account, you can select Investments to research and/or change your investments.
What’s the difference between my Total Account Balance and my Debit Card Availability?
Because your account is on an investment platform, it is subject to market fluctuation. To ensure you don’t overdraw your account, your Debit Card Availability is limited to 90% of your account balance, minus any pending transactions you made prior to 3:30 pm EST. If an expense is more than your available debit card balance, the charge will be declined.
Can I use my HSA as a retirement savings tool?
Yes! Healthcare expenses are often one of the largest costs people face in retirement. By investing and saving your HSA funds for the future, you can build a dedicated source of tax-free savings to help cover those expenses.
