HSA plan designs are a way to "pay yourself" rather than pay premiums to an insurance company ("pay yourself" through an HSA). For example, instead of the high premium of a $250 deductible medical plan, you can get a lower-priced $5000 deductible and use the premium savings to fund an HSA and pay for medical expenses with tax-free dollars while also reducing your taxable income.
There are two parts of an HSA plan design:
You'll need to have a qualified health insurance plan that meets federal parameters.
In order to pay for medical expenses with tax-free dollars and reduce taxable income, you'll need an HSA. This can be established with a financial institution of your choosing, though we strongly recommend HealthEquity for their member support and user-friendly platform.
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