Dispelling common HSA myths
Infographic
Sep 11, 2023
Individuals today are potentially facing challenges in retirement, due in part to the ever-increasing costs of health care. Health Savings Accounts (HSAs) help as they can be used to pay for eligible medical expenses today and into retirement, but more education is needed.
Take a closer look at HSAs as a potential opportunity to help you pay eligible medical expenses now and into retirement.
Text representation of infographic for accessibility:
1. Myth: Your unused balances are forfeited at the end of each year.
Fact: Balances are never forfeited and can be used for eligible expenses at any point in the future, as long as there are funds in your account.
2. Myth: You lose your account when you leave your job.
Fact: Your account moves with you through job changes and intro retirement.1
3. Myth: Once you set your contribution amount, it's fixed and can't be changed.
Fact: You can change the pre-tax payroll deduction as often as allowed.2
4. Myth: Contributions to an HSA can only be made through payroll deduction.
Fact: You can deposit money into your HSA with a bank account transfer through the online portal, via payroll deduction or even by personal check.3
5. Myth: If you don't open your account during open enrollment, you have to wait until the following year.
Fact: You can open and fund your HSA as soon as you meet eligibility requirements.
6. Myth: HSA investment options are limited.
Fact: You may have access to a robust investment menu, depending on what is offered through your plan.4
1 While funds are available for use, you can no longer contribute to your HSA once you’re enrolled in Medicare.
2 Annual IRS contribution maximum applies.
3 Tax advantages may vary based on method of contribution.
4 As with any investment, there are risks; make sure to fully explore those risks before choosing to invest your balance.
Health Savings Accounts offered by Voya Benefits Company, LLC (in New York, doing business as Voya BC, LLC). Custodial services provided by Voya Institutional Trust Company.
This highlights some of the benefits of a Health Savings Account. If there is a discrepancy between this material and the plan documents, the plan documents will govern.Subject to any applicable agreements, Voya and WEX Health, Inc. reserve the right to amend or modify the services at any time.
The amount saved in taxes will vary depending on the amount set aside in the account, annual earnings, whether or not Social Security taxes are paid, the number of exemptions and deductions claimed, tax bracket and state and local tax regulations. Check with a tax advisor for information on whether your participation will affect tax savings. None of the information provided should be considered tax or legal advice.
Investments are not FDIC Insured, are not guaranteed by Voya Benefits Company, LLC (in New York, doing business as Voya BC, LLC), and may lose value. All investing involves risks of fluctuating prices and the uncertainties of return and yield inherent in investing. All security transactions involve substantial risk of loss.
This information is provided by Voya for your education only. Neither Voya nor its representatives offer tax or legal advice. Please consult your tax or legal advisor before making a tax-related investment/ insurance decision.
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