Health Savings Accounts, or HSAs, are another tool you can use to manage your health care costs. If you have a Bronze or Catastrophic Plan through Access Health CT, you can open your own HSA.
The money you put into an HSA can be used to pay for health care costs, including deductibles, copays and coinsurance. You can also use the money to pay for approved medical expenses like doctor visits, prescription drugs, dental or vision care and even some medical products and supplies. Any post-tax money you put into your HSA qualifies for a federal income tax deduction, which means it can help you save when you file your federal income tax return.
Benefits of an HSA
There are several benefits to using an HSA including:
- Fewer taxes. You can use the money you’re putting into an HSA to lower the amount of income you have to pay taxes on when you file your federal income tax return.
- The money in the HSA is yours. There’s another similar type of account called a Flexible Spending Account, or an FSA. With an FSA, you have to use all the money you put in it by the end of the year, or you lose the money. But with an HSA, the money rolls over from year to year. Your HSA money can also travel with you. If you change insurance, you can keep your HSA. If you opened an HSA with a different health plan, such as through your employer, you can bring that same account to your Bronze or Catastrophic Plan through Access Health CT.
- Some HSAs earn interest or have investment options. This means the money you put into your account can grow and make more money for you to use on approved health expenses.
Have questions? Need Help?
Access Health CT is here. We can help you determine if your health plan is eligible for a Health Savings Account. If you haven’t selected a health plan yet, we can help you enroll. We’ll also check for any financial assistance you may be eligible for and help you weigh your coverage options.
- Visit our Get Help page for a full list of resources.
- Chat with Us: Click the “Live Chat” icon on any page at AccessHealthCT.com
- Call us at 1-855-805-4325. Customers who are deaf or hearing impaired may use the TTY at 1-855-789-2428 or contact us at 1-855-805-4325 with a relay operator. Check our website for special hours and holidays. We speak more than 100 languages.
- Find a Certified Broker near you who can recommend coverage that is right for your needs and budget.
- Schedule an appointment with an Enrollment Specialist for free one-on-one help.
