Take health care savings back into your own hands by establishing a Health Savings Account (HSA), in conjunction with a high-deductible health plan (HDHP).
|Health Savings Account||Archer Medical Savings Account||Flexible Spending Account|
|Who is eligible?||Individuals with HDHP||Self-employed & small business employees with HDHP||Any employee, subject to employer-designated exclusions|
|Do unused balances roll from year to year?||Yes||Yes||No|
|Are earnings withdrawn tax free?||Yes*||Yes*||N/A|
|What is/are the contribution source(s)?||Individual and/or employer||Individual or employer||Individual only|
|Is there a catch-up contribution provision?||Yes||No||No|
*For qualified withdrawals
Email us to learn more about opening a HSA at Hiway, or call 651.291.1515 or 800.899.5626.
+For specific information, you are encouraged to consult your tax or legal professional. IRS Publication 969, Health Savings Accounts and Other Tax-Favored Health Plans, the instructions to IRS Form 8889, and the IRS's web site, www.irs.gov, may also provide helpful information.