Do You Really Know What Your HSA Can Do for You?

Not only do HSAs offer triple tax benefits — pre-tax contributions, tax-free growth and tax-free withdrawals — but they can be used for health care expenses in retirement.

A piggy bank sits next to a jar labeled HSA that's filled with cash.
(Image credit: Getty Images)

Over the past several years, health savings accounts (HSAs) have grown in both interest and popularity — so much so that there were $104 billion in HSA assets held among 35.5 million accounts at the end of 2022, according to Devenir Research. It’s easy to understand why this interest is on the rise, as HSAs can be a great solution to help cover eligible out-of-pocket medical costs. However, while the interest is high, the reality is that many individuals may not fully understand all that HSAs have to offer — especially when it comes to saving for their future, too.

With employers increasingly offering high-deductible health plans with an HSA option to their employees, you may already have an HSA or perhaps are considering opening one. So, as we enter open enrollment season, now presents a great time to make sure you really understand how your HSA can benefit you both today and in the future. Here are a few things to keep in mind.

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Nate Black
Vice President, Health Solutions Product, Voya Financial

Nate Black is vice president (VP) of Health Solutions Product for Voya Financial, Inc. (NYSE: VOYA), a leading health, wealth and investment company. In this role, Black leads Voya’s Health Solutions Product teams, including Supplemental Health, Life/Absence/Disability, and Health Account Solutions. In his role, Black is responsible for guiding the management of existing products and bringing new offerings to the market.