Health Savings Accounts (HSA)

To set up a health savings account, an individual must first participate in a health savings account eligible medical plan. An individual or family can then make a contribution, less than or equal to the deductible of the plan, to what has been coined a health savings account. Money can be pulled out of the account throughout the year for qualified medical expenses. Unlike corporate flexible spending accounts, money left in the account at the end of the year is simply carried into the next year. If the account continues to build up over time, at age 65 the money can be withdrawn for any purpose, but at that time the individual would have to pay income tax on the withdraws, much like a traditional IRA

LifeWise HSA plans

Available in all counties in Washington.