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What’s an HSA?
A Health Savings Account, or HSA, is a special type of savings account designed specifically for medical expenses—and it comes with some unique tax-saving features that you won’t find anywhere else!
How does an HSA work?
HSAs allow you to deposit pre-tax income, meaning that the amount of income you’ll have to pay taxes on is lower. From there, your money earns interest and grows tax-free—and HSA distributions are also untaxed if that money is going towards a qualified medical expense.
Withdrawals for non-qualified expenses are subject to regular income tax, and they also come with a 20% penalty unless you’re 65 or older.
Who can open an HSA?
If you have a high-deductible health plan (HDHP), aren’t enrolled in Medicare, don’t have an FSA or other disqualifying health coverage, and aren’t a dependent on someone else’s taxes, then you’re eligible to enroll!
Health Savings Account Benefits
Stay healthy & save more
Health is wealth, and our HSA is built with both in mind.
Triple-tax advantage
With pre-tax contributions that lower your taxable income, tax-free growth, and no taxes on distributions for qualified expenses, an HSA is an easy way to make every dollar count.
Funds never expire
Unlike some other healthcare accounts, the money in your HSA rolls over from year-to-year and never expires, even if you change jobs or retire.
Passive growth
The money in your HSA earns interest, just like any other savings account. And because we’re here to speed up your growth, our HSAs feature a tired interest structure that earns more as you save more.
Wide range of coverage
HSAs can cover all kinds of medical expenses, from co-pays and deductibles to dental care, glasses, and more. You can even expense most OTC medications!
Health Savings Account Details
The good stuff
HSA Retirement Perks
Stay retirement-ready
At age 65, the 20% early withdrawal penalty for non-qualified expenses is dropped—and you can spend the HSA money you’ve been growing on anything at all. If it’s not a medical expense, it’ll just be taxed like regular income. That means the tax-advantage you’re getting today is also going towards your wild dreams down the road!
Health Saving Account Rates
Date Updated July 14, 2026
*APY = Annual Percentage Yield. APY may change before or after the account is opened. Fees may reduce earnings. orsa Fee Schedule.
Open a Health Savings Account
Open an HSA
Start funding your healthy future today by opening a Health Savings Account in-branch or over the phone!
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Frequently Asked Questions
Health Savings Account FAQ
You have questions, we have answers. Learn more about orsa’s health savings accounts here.
While both are designed to help you pay for qualified medical expenses, a HSA (Health Savings Account) is an account that you own and can take with you regardless where you’re employed—unlike an FSA (Flexible Spending Account), which is typically owned by your employer and won’t carry over if you leave or change your job.
HSAs require a high-deductible health plan (HDHP) to open, while FSAs can generally be paired with most health plans—but you can’t have both at the same time.
Your HSA earns interest, and any unused funds in your account roll over year-to-year. FSAs don’t offer a way to grow your money while it sits, and your unspent funds are lost at the end of your plan year.
Yes! In fact, HSAs offer what’s considered a “triple-tax advantage”. That means…
- 1.Your HSA contributions are pre-tax, which lowers your taxable income.
- 2.The money in your HSA grows tax-free, maximizing the amount you earn.
- 3.Withdraws for qualified medical expenses are also tax-free, saving you money even when it’s time to spend it!
If you have a HDHP and will only be using your account’s funds for qualified medical expenses, then an HSA can be a powerful tool for making every dollar count!
Yes, you can use your HSA distributions to cover your spouse’s qualified expenses.
No. While there are Limited-Purpose and Dependent Care FSAs that can be used alongside an HSA, you can’t have both a general-purpose FSA and an HSA at the same time.
In 2025, the maximum contribution amount for individuals is $4,300 and $8,550 for family coverage.If you’re over the age of 55, you can make catch-up contributions of an additional $1,000 per year.
The maximum contribution amount changes every year—so call our Care Center at (877) 937-2328 for an updated amount!
All contributions count towards these totals, including any employer match, family contributions, and so on.
If you start your HSA part-way through the year, your maximum contribution amount may be limited based on the number of months your account has been active.
Yes! As long as you meet the eligibility requirements, you don’t need to go through an employer to open an HSA. In fact, you can open one with us in just a few minutes by calling our Care Center at (877) 937-2328 or by visiting your nearest branch!
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