Colorado Health Savings Accounts - HSA Health Plans
A Health Savings Account, or HSA, can be a valuable tool to help you save money for medical expenses for you and your family. An HSA is a tax-exempt account established specifically for the purpose of paying qualified medical expenses.
Enjoy the benefits of a Colorado Health Savings Account:
- No application or account set-up fee
- Low monthly maintenance fees (may be waived under specific conditions)
- Interest starts accruing with the first deposit
- Free online account access for monitoring savings and expenses
- Free Visa debit card and checks* to access HSA funds
- Toll-free 24/7 customer service
- Online tools to help manage account and investment options
*Checks are available upon request. Debit card is automatically provided.
Advantages of a Colorado Health Savings Account
Tax Deductible Contributions and Distributions
The money you deposit into your HSA will reduce your taxable income for the year, even if you don’t itemize your taxes. If you make deposits to the account, the money can be 100 percent tax deductible, up to the IRS maximum.
Unused Contributions Rollover
Another advantage is that you are not obligated to use the money you contribute to your HSA each calendar year. The money can remain in the account and earn interest until you need it – whether that’s next month, next year, or in 10 years. At the age of 65, the account can be used as retirement savings or continue to be used for medical expenses, you decide.
To review our SOLO Plans that are HSA-eligible, click on the link.
To learn more information about HSA Colorado Savings Accounts, click on the link.
SOLO Health Plans are subject to medical underwriting.
