Health Savings Accounts (HSAs)
Learn about HSAs that may be available to you.
Health Savings Accounts (HSAs)
Learn about HSAs that may be available to you.
An HSA can help you pay for medical expenses today and save for the future.
A Health Savings Account (HSA) can be paired with a High Deductible Health Plan (HDHP) to help you pay for qualifying health care expenses in the year ahead. That includes deductibles, dental care and health care supplies not covered by your medical plan. You can also let the account grow so you can use it to pay for health care expenses in the future, such as an upcoming surgery.
An HSA is available only to employees living in the U.S. and all pre-65 retirees who are enrolled in an HDHP medical plan.
- If you enroll in an HSA, your NAF employer will contribute:
- $500 if you have employee-only coverage
- $1,000 if you have family coverage This will appear in your account at the beginning of the plan year.
You can contribute to the HSA as well. If you’re an employee living in the U.S., you can contribute pre-tax dollars. If you’re a pre-65 retiree, you can contribute funds, too, but they will be after-tax dollars because you don’t have a paycheck to use for withholding.
Inspira Financial (formerly PayFlex) is the HSA administrator for the DoD. Visit their website to find online tools and resources to help you learn more and manage your account.
Note: You can’t contribute to an HSA and a Health Care Flexible Spending Account (FSA) in the same plan year, and neither can your spouse. Learn more about the FSA.
How does the HSA work?
HSA contributions go into a bank account owned by you, the employee (or pre-65 retiree), so there is no “use it or lose it” rule as with a Flexible Spending Account (FSA).
- HSA monies stay with you even if you switch plans or no longer work at your NAF employer — regardless of whether you leave or retire.
- Once your account reaches $1,000, you can invest the funds.
- If you’re 65 or older or qualify as disabled, you may use the HSA monies for non-eligible expenses without the 20% tax penalty. Income tax will apply to the withdrawal amount.
- If you have an HSA already, you may transfer the balance to this HSA.
The best part? You’re in charge of your HSA funds. This makes you the decision-maker. When you spend your own money, you may be more likely to ask questions about the cost of health care. This can help you find options that save money for you and the plan. Saving the plan money saves you on premium contributions.
Find resources & forms
Visit your NAF page
Click on one of these tiles to find NAF-specific updates, contacts, enrollment information and more.
.jpg&w=256&q=75)
