Health Savings Account
Use pre-tax dollars to pay for eligible expenses now and into retirement.
- Click on the “Go To My History” and “Go To My Account” buttons.
- Clicking either button will allow you to navigate to the “Tools & Support” section, and then select “HSA Tax Documents” from the Forms menu.
- Once complete, repeat this process using the other button to obtain the second set of tax forms to complete your set for 2023.
- Click on the “Accounts” tab
- Select “Health Savings Account” from the menu of accounts on the left side of your screen
- Follow the steps listed above by clicking either on the “Go To My History” and “Go To My Account” buttons.
What are the benefits of a HSA?
- An HSA is yours to keep. Funds in your HSA account stay with you even if you change jobs. Funds have the potential to grow and accrue interest.
- When your account reaches a designated threshold, you can invest.
- Quickly and easily access funds using the debit card at the register for qualified purchases, or request to have funds directly deposited into your bank account through the website or mobile app.
- When you reach age 55, you can contribute an extra $1,000 per year above the stated yearly IRS contribution limits.
- HSAs do not have required minimum age distributions.
- Estimate how much you can save with an HSA using this HSA Tax Savings Calculator.
With an HSA's tax treatment, you can:
- Enjoy pre-tax contributions* that are federal, state (in most cases) and FICA tax-free, which lowers your taxable income.
- Potential for funds to grow. Account interest accumulates tax-free and if you invest (available once you reach a designated threshold), you have the potential for mutual fund performance growth. As with any investment, there are risks; make sure to fully explore those risks before choosing to invest.
Additional details
- You and your employer can deposit money into your HSA account, up to a yearly per-person or family limit set by the IRS. Funds can be withdrawn at any time for qualifying medical expenses.
- See IRS Publication 502 for a list of qualifying medical expenses you can pay with an HSA or click the HSA store link at the right.
- Health Savings Account (HSA) frequently asked questions
- Access the HSA Fund Performance Report here.
Download our mobile app today to manage your account
- Apple: VYA Apple Mobile
- Android: VYA Google Play Mobile
What is a Health Savings Account (HSA)?
A Health Savings Account (HSA) can be used to pay for qualified medical expenses today, tomorrow and throughout your retirement. Like a Flexible Spending Account (FSA), it’s funded with pre-tax dollars—but it’s not “use-it-or-lose-it”. Your balance carries over each year and can be invested once it reaches a certain amount.
What are the current IRS contribution limits for HSA?
The IRS sets the HSA contribution limits annually. The HSA contribution limits for 2024 are $4,150 (single) and $8,300 (Family). For individuals who are 55+, an additional $1,000 can be contributed each year until they reach age 65.
What can I use the HSA for?
The funds in the HSA can be used to pay for qualified medical, dental, vision and prescription drug expenses, including eligible over-the-counter drugs, as described in IRS Publication 502 (www.irs.gov/pub/irs-pdf/p502.pdf); – if you are under age 65, any funds used for non-eligible expenses is taxable and will be subject to an additional 20 percent tax penalty. After age 65, the funds in your HSA can be used as you choose and be subject only to income tax.
What if I use my HSA to pay for something other than a qualified medical expense?
If HSA funds are used for something other than qualified medical expenses, the expenditures are subject to applicable income tax and, for individuals who are not disabled or over the age of 65, subject to an additional 20% tax penalty.
Can I reimburse myself with HSA funds for qualified medical expenses incurred prior to my enrollment in an HSA?
No. Qualified medical expenses may only be reimbursed, tax-free, if the expenses are incurred after the date your HSA was established.
Once I request reimbursement, how long does it take for my funds to be available?
In general, if you have a bank account linked to your account this can take as little as 3 business days for the reimbursement to be posted. However, a check can take up to 7 business days to arrive.
What do I do if my debit card declines or doesn’t work?
Ensure you have activated the card and have logged into the online portal to accept your terms and conditions. Within your profile, confirm you have the correct and most recent card by verifying the last four digits. Check your balance and verify via your activity that there are no pending transactions you have not accounted for. If you are using the card at a retail pharmacy, ensure the item is coded as HSA eligible. Still unable to determine the cause? Contact the Voya Health Account Services team at (833) 232-4673 or [email protected]. to verify the cause and best solution.
If I change employers, what happens to my HSA?
Since you are the owner of the HSA, you may continue to maintain the account if you change employers. HSA to HSA transfers are permitted and do not impact tax reporting if you are enrolled in an HSA in the future.
Where do I see a list of Health Savings Account (HSA) FAQs?
iPhone and the App Store are trademarks of Apple Inc., registered in the U.S. and other countries. Android and Google Play is a trademark of Google Inc.
*HSA contributions and earnings are not subject to federal income tax and, in most states, not subject to state income tax. If any portion of a distribution is not used for qualified medical expenses, that portion is taxable and subject to a 20% federal tax penalty.
Health Savings Accounts offered by Voya Benefits Company, LLC (in New York, doing business as Voya BC, LLC). Custodial services provided by Voya Institutional Trust Company.
This highlights some of the benefits of a Health Savings Account. If there is a discrepancy between this material and the plan documents, the plan documents will govern. Subject to any applicable agreements, Voya and its subcontractors reserve the right to amend or modify the services at any time.
The amount saved in taxes will vary depending on the amount set aside in the account, annual earnings, whether or not Social Security taxes are paid, the number of exemptions and deductions claimed, tax bracket and state and local tax regulations. Check with a tax advisor for information on whether your participation will affect tax savings. None of the information provided should be considered tax or legal advice.
Investments are not FDIC Insured, are not guaranteed by Voya Benefits Company, LLC (in New York, doing business as Voya BC, LLC), and may lose value. All investing involves risks of fluctuating prices and the uncertainties of return and yield inherent in investing. All security transactions involve substantial risk of loss.
