Health Savings Account

Take control of your health care costs

Combined with an affordable high deductible health plan (HDHP), you can use an Interra Health Savings Account (HSA) to help pay for current medical expenses and even save for future needs.

• Work with the insurance provider of your choice and take advantage of lower premiums associated with a high deductible health plan.  Make sure the plan you choose makes you eligible for an HSA.
• Open your HSA at Interra; this is the account you’ll use to invest your contribution dollars to help pay for the qualified medical expenses you incur.

Enjoy tax advantages
You control your account
Manage your HSA at Interra
Easy account access
Qualified medical expenses
Eligibility requirements
Your responsibility
Learn more
HSA resources
Frequently Asked Questions (FAQs)

Enjoy tax advantages

• You can deduct your qualified contributions from your taxes.
• Your HSA earnings are tax-deferred.
• You can spend your money on a tax-free basis at any time to pay for your uninsured qualified medical expenses. 

You control your account

• You don’t have to “use it or lose it.”  Unlike flexible spending accounts, the balance of your HSA may be carried over from year to year.  
• You own your HSA.  If you change jobs, the account is portable and remains yours.

Manage your HSA at Interra

• Flexible account selections (savings, checking, and certificates) are available to meet your needs.
• Maximize your HSA with competitive rates. 
• You have convenient access to your funds with a free debit card; checks are also available.
• Your regular statement will reflect your account activity (deposits, withdrawals, and earnings).
• For tax purposes, you will receive a year-end summary of your account.

Easy account access

• Deposit to your HSA at any time and in any amount, up to the annual contribution limitations.
• You can withdraw funds at any time, at your discretion.
• To realize the tax advantages, your withdrawals must be used to pay for uninsured qualified medical expenses.

Qualified medical expenses

• Money from your HSA can be used to pay for a wide variety of “qualified medical expenses,” including most medical, dental and vision services, as well as over-the-counter medications, such as aspirin.
• For specific guidance, you may refer to IRS Publication 502 or consult your tax advisor.

Eligibility requirements

• You must be covered under an HDHP;
• You cannot be covered by certain other plans that pay medical expenses;
• You cannot generally be covered by any health plan that is not an HDHP;
• You cannot be enrolled in Medicare;
• You cannot be claimed as a dependent on another person’s tax return;
• Other restrictions may apply.

Use your HSA during retirement

• Distributions after age 65 that are not for qualified medical expenses are penalty-free, but taxable.

Your responsibility

• Determine your eligibility for an HSA each year you make a contribution. (Actual eligibility is determined on the first day of each month.)
• Ensure the contributions you make are within the limits set forth by the IRS and other tax laws.
• Make sure you understand the tax consequences of any contributions (including rollover contributions) and distributions.
• Keep appropriate records and receipts of your payments for qualified medical expenses.
• If you have questions, it may be in your best interests to consult your tax advisor about eligibility, contributions and distributions.

Learn more about HSAs

To learn more about HSAs:

• Visit the HSA Center featuring: 
  • HSA basics.
  • an HSA calculator.
  • Forms that can be completed online and submitted.
  • an HSA kit request form.
  • and more!
• Stop in at any Interra office.
• Call 574.534.2506 or 888.432.2848.

Additional Resources

• For more information, please refer to the HSA Frequently Asked Questions.
• For valuable and complete information about Health Savings Accounts, visit the following websites:
  • U.S. Treasury HSA web page 
  • IRS Publication 502 

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