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3 Big Benefits of Health Savings Accounts

Number 1

Triple-Tax Advantages

Triple-Tax Advantages:

Contributions are tax free, potential interest accumulates tax free, and distributions are tax free when used to pay for qualified medical expenses.

Number 2

Flexibility

Flexibility:

At age 65, any remaining HSA funds can be withdrawn for non-medical reasons without penalty.

Number 3

Portability

Portability:

The employee owns all HSA funds. The accumulated balance in the account rolls over from year to year, and accounts move with employees even if they change employment or retire.

Avidia Testimonials

"While my field of work was deemed essential, I lost my job. Unemployment funds did not kick in for at least eight weeks. Luckily, I had a good amount of money in my HSA. Without work, insurance, and unemployment funds, I was able to purchase a blood pressure machine and my necessary medications to monitor and keep my blood pressure stable while seeking other employment. My HSA helped in keeping my chronic condition from becoming debilitating."

"As a diabetic, I know I will have more healthcare cost as time goes on. My HSA allows me to save for these anticipated costs. Additionally, I am taking advantage of the investment option to grow my balance over time. Thanks, Avidia Health!"

"My deductible was $2,000, but now it is $3,000. I use my HSA to pay my out-of-pocket expenses. To be honest, in the past, I would delay getting treatment because I had so many outstanding out-of-pocket medical bills. My HSA helps me afford paying them, so I don't miss or cancel appointments anymore. My HSA may save my life, not just my day."

"My Avidia HSA has been a great tax savings tool, investment vehicle, and funds for medical expenses! I really appreciate all the benefits it has to offer!"

"My Avidia HSA has allowed me to allocate money for purchasing contact lenses and chiropractor visits. Having dedicated funds for these things has helped me keep a clear and precise budget for myself."

"First and foremost..peace of mind. You cannot put a dollar sign on peace of mind. Knowing that my HSA was always there, during this most critical time, it was the one and only thing I didn't have to worry about with all that has been presented to all of us during Covid-19. The text notifications after purchases are most appreciated and helps us know the account is secure and we can identify fraud should there be an issue. The running balance is also wonderful. I previously had my HSA with another institution and only received a monthly paper statement; Avidia Health truly helps us manage our account with great ease."

Why Avidia Health?

An Avidia Health HSA is a convenient and smart way to pay for medical expenses and reduce your taxable income. An HSA is a tax-favored account used in conjunction with an HSA-compatible health plan, usually a High Deductible Health Plan (HDHP).

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Zero monthly maintenance fees

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Free online bill pay

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Debit cards

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Mobile App

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Tax Reporting

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HSA Contributions Limits

2022

HSA Contribution Limits:

single

$3,650


family

$7,300

2021

HSA Contribution Limits:

single

$3,600


family

$7,200

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Contribution Limits 55 and Older:

single

$1,000


family

$1,000

HSA Eligibility

To be eligible for an HSA, you must meet the following requirements, determined by the IRS

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Have coverage under an HSA-qualified high-deductible health plan (HDHP)

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Have no other medical coverage

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Are not enrolled in Medicare

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Cannot be claimed as a dependent on someone else’s tax return

Sign Up!

HSAs are easy to open, easy to use, and easy to maintain. You can open an HSA through your employer or on your own, and it only takes a few minutes.