Health Savings Accounts (HSA)

Our MyMoney Health Savings Accounts give you more control of your health care and dependent care spending and saving. Depending on the plan you select, you may have access to a HSA. 

A Health Savings Account (HSA) is a tax-advantaged medical spending and saving account. HSAs work in conjunction with an HSA-eligible health plan that meets IRS guidelines. Our Vermont Select plans and Standard Silver CDHP and Standard Bronze CDHP plans are HSA compatible.

HSAs have a unique a triple tax benefit that allows you to contribute to the account tax free, spend the dollars in the account tax free, and earn interest on the money in the HSA tax free. The money in your HSA rolls over year after year and is yours to keep, even if you retire or change jobs. You don’t pay any taxes on the money you put in or take out of your HSA, as long as you use it for medical expenses as defined by the IRS.

Top benefits of an HSA:

  • Money goes into your HSA before your state or federal taxes are deducted. This brings down your taxable income and helps you save on medical expenses.
  • There’s no “use it or lose it” rule: the money in your HSA belongs to you, even if you change jobs or retire.
  • The money in your HSA can immediately start earning interest tax-free.
  • You can use your HSA dollars for eligible health-related expenses, allowing you to purchase these services tax free.
  • Your HSA can help you even out your medical expense over time: Since you manage your funds, you can save HSA money when you’re healthy so it’s ready when you need it.

Our MyMoney HSA Accounts Offer

Online Portal and Learning Center

Access information about your account 24 hours a day, seven days a week with our innovative portal and custom online learning center.

Debit Card Access

A Blue Cross and Blue Shield of Vermont Visa® debit card makes it easy to pay for your eligible health care expenses.

Dedicated Support

Questions about HSAs? We have a dedicated customer service team with a deep expertise in health spending and saving accounts.

Learn more and get started with MyMoney

Samantha Jenkins, Senior Sales & Service Consultant

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