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Health savings account

Providence individual and family plans offer two high-deductible health plan options, HSA Qualified 7100 Bronze Choice Network and HSA Qualified 7100 Bronze Signature Network, that feature lower premiums and allow you to set aside tax-free dollars in a health savings account (HSA).

What is a health savings account?

A health savings account (HSA) is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a high-deductible health plan (HDHP). The funds contributed to an account are not subject to federal income tax at the time of deposit. Unlike a flexible spending account (FSA), HSA funds roll over and accumulate year to year if not spent.

Much like an Individual Retirement Account (IRA), an HSA is established through annual contributions by you. You can contribute up to 100 percent of your plan's deductible amount or up to the maximum contribution levels determined by the Internal Revenue Service each year.

Health savings accounts are managed by HSA trustees, usually a bank or other financial institution. You choose the institution that will administer your health savings accounts.

Get a preferred rate on your health savings account with HealthEquity

Providence Health Plan has partnered with HealthEquity to provide a preferred rate of $2.70 per month for our members. With HealthEquity, there is no account setup fee, and customer service is available 24/7.