Health Savings Account (HSA)

A Health Savings Account (HSA) is a tax-advantaged personal savings account that you can use to save and pay for healthcare expenses, now or in the future. In addition to being a powerful financial savings tool, an HSA also empowers you to take control of your healthcare decisions. You may open and contribute to an HSA when you sign up for the GW Health Savings Plan (HSP), provided you meet the following qualifications:

  • You must be covered under a high-deductible health plan (HDHP), such as the GW HSP
  • You cannot be covered under a non-HDHP along with the HSP
  • If your spouse has non-HDHP coverage, you cannot be covered by that plan
  • If you elect an HSA, your spouse cannot have a Health Care FSA
  • You cannot be claimed as a dependent on someone else's tax return
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)
  • Any VA benefits used within previous 3 months, unless used for a service-connected disability
You can have additional insurance that provides benefits for the following:
  • Accident
  • Disability
  • Specified disease or illness
  • Insurance that pays a fixed amount per day for hospitalization
  • Dental care
  • Vision care
  • Long term care
NOTE:  PayFlex will issue 1099-SA forms to 2018 HSA participants by Jan. 31, 2019.
Information for Retirees in the Retiree Health Savings Plan

Retirees enrolled in the Retiree Health Savings Plan (HSP) may open a Health Savings Account (HSA), which will function in a very similar way to the active employees’ HSA. There are just a few differences:

  • As a retiree, you will fund your HSA directly. Any contributions you make will be tax-deductible when you file your annual taxes.
  • You may fund your HSA, in installments or in a lump sum, at any time during the year, up to the annual limits.
  • You may open your account at any institution you choose.
  • You may contribute to your HSA until you are 65. Once you are 65 you will be moved to the Blue 65 PPO medical plan, which will coordinate with Medicare Parts A and B. You will become ineligible for the HSA because you will need to enroll in Medicare Parts A and B.
  • At age 65, although you can no longer contribute additional funds, you can use your accumulated HSA funds to pay for Medicare parts, A, B, and D, in addition to any other medical expenses you may incur.

HSA Resources

What to expect with Payflex HSA 

Benefits of HSAs

Information Needed to Open Your HSA

How to use the HSA with the GW-Health Savings Plan (HSP) 

Payflex HSA Quick Reference Guide

PayFlex HSA Coach (an interactive texting program to help you get the most out of your HSA)

A Consumer's Guide to HSAs

Video Library

The Benefits of an HSA

Investing with your HSA

PayFlex Mobile Application

Investment Options

PayFlex now offers 12 new HSA investment options offered through the Bank of New York Mellon.