Qualifying contributions, whether they are made by you or your employer, are not taxable to you, and investment growth is not taxed while it is in the account. Distributions are not taxable as long as they are spent on eligible healthcare expenses incurred after the HSA was established. Not only will your HSA balance earn interest each month, but once you meet the minimum balance, you will have the option to invest in nationally recognized mutual fund families. There are hundreds of eligible healthcare expenses for your HSA funds, including prescriptions, over-the-counter medications, doctor office copays, health insurance deductibles, and coinsurance. Funds may even be used for qualified expenses for your spouse or dependents. Funds in the account are easily accessed with the healthcare payment card. Or, you can submit withdrawal requests online when using the card is not convenient. Because your HSA is owned by you, if you change jobs or health plans, your account stays with you. You can even use your account for retirement expenses when you reach 65.
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