Why is an HSA important?

HDHPs may provide lower premiums

An HDHP exchanges a higher deductible for a lower premium cost than many traditional health plans. You can use the premium savings to help fund your Charter One HSA.

Your HSA can help you pay for medical expenses

You can use the money in your Charter One HSA tax-free to pay for any current or future qualified medical expenses before your HDHP benefits start to pay. Qualified expenses may include co-pays, coinsurance, deductibles, prescription drugs, long-term care, COBRA premiums, and many other services and treatments.

HSAs feature a triple tax advantage

Your Charter One HSA can be funded on a pre-tax or tax-deductible basis, up to annual limits set by the IRS. If you are age 55 or over, you may be able to make an additional "catch-up" contribution. The balance in your HSA grows tax-free. Withdrawals are also tax-free as long as the money is used for IRS-qualified medical expenses. State taxes may vary.

Your Charter One HSA rolls over year after year

There are no "use it or lose it" rules with a Health Savings Account. Your Charter One HSA rolls over automatically year after year. Any money you don't spend on qualified medical expenses remains in your account and continues to grow tax-free. State taxes may vary.

HSA Home > Employees > Why is it important?
HSA Home Employers Employees What is the Charter One HSA? Why is it important? How does it work? FAQs Tools Individuals Account Holders	What You Need to Know Use the HSA Tools Enroll in the Charter One HSA Learn about Charter One HSA Tax Advantages State taxes may vary. Consult your tax advisor. Why is an HSA important? HDHPs may provide lower premiums An HDHP exchanges a higher deductible for a lower premium cost than many traditional health plans. You can use the premium savings to help fund your Charter One HSA. Your HSA can help you pay for medical expenses You can use the money in your Charter One HSA tax-free to pay for any current or future qualified medical expenses before your HDHP benefits start to pay. Qualified expenses may include co-pays, coinsurance, deductibles, prescription drugs, long-term care, COBRA premiums, and many other services and treatments. HSAs feature a triple tax advantage Your Charter One HSA can be funded on a pre-tax or tax-deductible basis, up to annual limits set by the IRS. If you are age 55 or over, you may be able to make an additional "catch-up" contribution. The balance in your HSA grows tax-free. Withdrawals are also tax-free as long as the money is used for IRS-qualified medical expenses. State taxes may vary. Your Charter One HSA rolls over year after year There are no "use it or lose it" rules with a Health Savings Account. Your Charter One HSA rolls over automatically year after year. Any money you don't spend on qualified medical expenses remains in your account and continues to grow tax-free. State taxes may vary.	Enroll Now Enroll in your Charter One HSA HSA Account Access Access your Charter One HSA HSA Customer Service Call us at 1-877-784-4584 Branch/ATM Locator Find a Local Branch Over 1,480 branches close by