About Your HSA
An HSAA financial vehicle in which members can pay for health costs through a fully insured, tax-exempt savings account. Employees or employers or both fund the account. An HSA is subject to regulations mandated by the federal government that limit coverage to IRS section 213(d) medical coverage. All unused amounts contributed by the employee carry over indefinitely during a participant's lifetime. 
is owned by you, and can help you save for current and future medical costs.
- The money in your HSA is yours, and you control the account.
- If you change jobs, your account goes with you and any unused funds roll over from year to year.
- All your contributions are free of federal taxes, which reduces your tax liability.
For specific information about your HSA, check your HSA administrator or speak with your employer.
Funding Your HSA
You can fund an HSA up to limits set by the Internal Revenue Service.
| Annual Limits |
Individual |
Family |
| 2012 Maximum Contribution |
$3,100 |
$6,250 |
| 2013 Maximum Contribution |
$3,250 |
$6,450 |
| Catch-up Contribution (for 55+) |
$1,000 |
|
Using Your HSA
You can use your HSA savings to:
- Pay for prescription drugA drug that has been approved by the Federal Food and Drug Administration as dispensable only with a licensed physician's prescription. expenses, copayments and other qualified medical expenses, reducing your out-of-pocketCopayments, deductibles, or fees paid members for health services or prescriptions. expenses.
- Pay non-qualified health care expenses, but you will pay taxes and a 20 percent penalty.
- Invest in stocks, bonds, and mutual funds.
There are multiple ways to use the funds in your account, including a debit card. Speak to your HSA administrator about your options.
HSA Administrators
Blue Cross Blue Shield of Massachusetts works with several companies to administer HSAs. If your employer offers you access to an HSA (and you subscribe to a qualifying plan), you can follow the links below to get more information or sign into your account. If you are unsure which administrator you have, check with your employer.
HSA Resource Library
General Health Savings Account Overview
