Health Savings Account (HSA)

Health Savings Accounts (HSA) are created to accompany high deductible health plans. They are personal bank accounts that help you offset your health expenses. All contributions to your HSA are tax-free and can be used for IRS-defined eligible expenses. Chard Snyder provides an HSA solution called HSA Advantage as well as services in partnership with Fifth Third Bank and BB&T (The Bank of Kentucky is now part of BB&T).   

See below for more general information about HSAs or select “HSA FAQs” in the Quick Access menu to the right. For more specific banking information click on one of the icons below.



HSA Advantage






More About Health Savings Accounts . . .


Your personal Health Savings Account (HSA) allows you to put aside the healthcare money you need for you and your free...saving 25‑40% on every dollar! You may use funds from your account to pay current out-of-pocket health expenses or keep your money in your account, earning interest until you need it in the future. It’s a great benefit and your account stays with you...through changing jobs to retirement. 


No Claims to File

You will never have to file a claim to be reimbursed for expenses from your Health Savings Account. You may pay your provider or reimburse yourself for eligible expenses with your Health Savings Account debit card or check. Remember, you may only spend up to the current balance in your account. 


Change Your Savings Amounts

You can tell your employer when you want to change the tax-free amount you set aside each paycheck. As long as you don’t go over the federally-set annual limits, you can save as much as you want.


Invest a Portion of Your Savings for Long-Term Gain

Once you have achieved a certain balance you may choose from a variety of investments to maximize your savings over time. Check with your bank to confirm the minimum balance required and the investments offered.


Keep Good Records and Save Your Receipts

The IRS may require that you prove that all money taken from your Health Savings Account was used for eligible expenses, so keep your proof with your tax information for seven years. Your proof may be an Explanation of Benefits (EOB), bill or receipt...but not a cancelled check or debit card receipt. Your EOB, bill or receipt must provide the date of the expense, a description of the item or service, the name of the store or provider and the amount you paid. Your expenses must occur after your plan begins and your bank account is opened.


Your Health Savings Account is Money in the Bank

Your Health Savings Account is a personal bank account that belongs to you. It is used in combination with an eligible High Deductible Health Plan (HDHP). To open your account, you must complete your company’s benefit enrollment and bank application processes, including acceptance of the bank terms and conditions. Your account must be open before you can deposit or access money.

Remember, like any other bank account, your Health Savings Account may be overdrawn. Bank-specific policies, rules and information apply so make sure that you read the information you receive about your account from the bank.


Eligible Expenses

You may use your Health Savings Account for any IRS-approved health, dental and vision expenses as well as for insurance premiums, such as COBRA premiums, premiums while you are receiving unemployment compensation, retiree health premiums, Medicare Part D premiums, and long term care insurance premiums.

A sample list is available here. You can also check for details on specific items since the list of IRS-approved health, dental and vision expenses for Health Savings Accounts is the same as the approved list for Flexible Spending Accounts.


Are You Eligible for a Health Savings Account?

See the statements below to confirm that you are eligible to enroll or put money into a health savings account. Money in any previous HSA may continue to be used for eligible expenses at any time. If all of the following statements are true, you are eligible to enroll in a Health Savings Account:


HSA Store Introduction


FSA Eligible Expenses and Items