Use an HSA with Texas Health Aetna Select 3000

Use an HSA with Texas Health Aetna Select 3000

Texas Health Aetna Select 3000 plan allows you to set up a health savings account (HSA). Texas Health doesn’t offer a company-sponsored HSA, but you can set up an HSA on your own.

What’s an HSA?

A health savings account (HSA) lets you put money into an account to help pay for the high cost of your deductible. You can also use it for other approved medical, dental and vision expenses. The amount you set aside lowers your taxable income, so you pay less in federal income taxes. Unlike a health care flexible spending account, HSAs allow you to keep your balance at the end of the year. Your money is always yours, even if you leave Texas Health.

Some HSAs offer ways you can potentially grow your savings over time by earning interest or investing in mutual funds. It’s a great way to save for health care expenses in retirement, but you can use the account for care at any time.

How an HSA Works

You can contribute up to the IRS limit each year you participate in the Texas Health Aetna Select 3000 plan. For 2019, that’s $3,500 for an individual and $7,000 for a family. If you will be 55 or older on Dec. 31, 2019, you may contribute an additional $1,000.

To participate in an HSA:

Use the money in your account to pay for eligible* medical, dental and vision expenses.

Many HSA vendors offer several ways to access your money. Your choices could include an online reimbursement process, debit card, or smartphone app.

Keep your receipts. You may need them to get reimbursed or to prove your purchases are eligible.

If you have questions about HSAs, talk to your tax advisor or banker.

*See IRS publication 502 or your HSA provider for a description of eligible expenses.