HumanaOne Health Savings Account Plan Banking Options
When you enroll in a HumanaOne Health Savings Account plan, you enroll in an IRS-qualified High Deductible Health Plan (HDHP). When you have this type of plan, you have the option to open a Health Savings Account (HSA).
With an HSA, you can save for today and prepare for the future
This account gives you a tax-free1 way to budget for and pay for healthcare:
- Contributions to an HSA are tax deductible in most states, similar to an Individual Retirement Account (IRA).1 Deduct your contributions from your federal income tax return.
- Earnings on the balance in your account accumulate tax-deferred.1 Most HSAs pay interest and offer investment options, so you can watch your money work for you.2 You control the money and decide how to invest the funds.
- Withdrawals are tax-free if used for qualified medical expenses such as your health plan deductible, dental care, and vision care.3 You can use the money for family members' healthcare expenses, too - even if they're not covered by your HumanaOne plan!
Even if you don't use the money for healthcare now, your HSA funds will be there if you need them in the future - even after retirement.
With HumanaOne, you choose the bank for your HSA
If you want to set up an HSA, HumanaOne provides convenient access to the banking partners listed below. Or, if you prefer, you can select your own bank.
- Alabama, California, and New Jersey don't allow tax deductions for HSA contributions. For details, contact your local tax advisor or visit www.irs.gov.
- A minimum balance requirement may apply for investment options.
- For a complete list of qualified medical services, consult IRS publication 502: "Medical and Dental Expenses"; on the IRS Website at www.irs.gov. Individuals are responsible for compliance to HSA spending regulations.
- This fee may be different for account holders who don't have a HumanaOne plan. Fees are subject to change.