A health savings account (HSA) is an IRA-like account funded with pretax dollars that grow tax-deferred. The HSA assets may serve a dual purpose:

  • tax-free and penalty-free distributions can be taken to pay for medical expenses, and
  • penalty-free (but not tax-free) distributions can be taken for any reason starting at age 65. (HSA assets not used for medical expenses become retirement assets)

Individuals who:

  • Are not covered by any other non-HDHP health plan, such as a spouse’s plan, that provides any benefits covered by your HDHP plan.
  • Are not enrolled in Medicare.
  • Do not receive health benefits under TRICARE.
  • Have not received Veterans Administration (VA) benefits within the past three months.
  • Are not claimed as a dependent on another person’s tax return.
  • Are not covered by a general purpose health care flexible spending account (FSA) or health reimbursement account (HRA). Alternative plan designs, such as a limited-purpose FSA or HRA, might be permitted.
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Cashton, WI 54619



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