GW Health Savings Account (HSA)

When you are covered by a high deductible health plan like the GW HSP, you are eligible to participate in an HSA.*

Contribute to your HSA

In 2024, you may contribute up to $4,150 if you have individual HSP coverage, or up to $8,300 if you are covering yourself and additional family member(s) under the HSP. Employees age 55 and older are eligible to contribute an additional $1,000.

Contributions to your HSA roll over from year to year, and accumulate if not used. And remember, your HSA contribution + GW's contribution cannot exceed the annual IRS limits.

You may use HSA funds to pay for any qualified health expenses incurred after the account is opened. Bills may be paid directly via the HSA, or you may use the HSA to reimburse yourself for payments that you make.

Payments and withdrawals made from your HSA to cover qualified healthcare expenses are tax-free.

HSA is an investment tool

HSA Funds Roll Over and Have Tax-Free Benefits

Contributions to your HSA roll over from year to year, and accumulate if not used. Your HSA contribution + GW's contribution cannot exceed the annual IRS limits. Payments and withdrawals made from your HSA to cover qualified healthcare expenses are tax-free.

An HSA is an investment tool that helps you save for healthcare expenses, including deductibles and coinsurance. Contributions to your HSA account are pre-tax, and any interest earned on the account is tax-free.

Am I eligible to enroll in a Health Savings Account?

To be eligible for an HSA, you must meet the following criteria:

Must be covered by a qualified HDHP (like the GW HSP)
Cannot be enrolled in Medicare or TRICARE
Cannot be claimed as a dependent on someone else’s tax return
Cannot be covered by another health plan that is not HSA-qualified

Other insurance or accounts not allowed with an HSA:

Part A and/or Part B Medicare (In some cases, drawing Social Security benefits automatically enrolls you in Medicare Part A)
TRICARE or TRICARE For Life
Any VA benefits used within previous three months, unless used for a service-connected disability

Note: If you are not eligible for an HSA but participate in the GW HSP, you can enroll in the GW Health Care Flexible Spending Account (HCFSA).