Health Savings Accounts

A health savings account (HSA) is a personal savings account you can use for certain health care costs. For example, you can use the money you put into your HSA to pay for services when you get care, like a co-pay for a doctor visit or a prescription refill. Generally, you can't use HSA funds to pay your insurance premiums. 

To find plans that work with an HSA, visit MNsure.org/save and filter for HSA-eligible plans.

How it works 

Enrollment: You must be enrolled in an HSA-eligible plan to put money into an HSA.  

  • Starting in 2026, all bronze plans sold through MNsure work with an HSA. Plans in other metal levels also may be eligible. 

Who can contribute: You, your employer, friends, or family can put money into an HSA up to the annual limit. 

Using the money: You can use the money in an HSA for qualified medical expenses. You can use it for yourself, your spouse, and your dependents. Generally, insurance premiums aren't considered qualified medical expenses. 

The account is yours: Your HSA and the money you put into it are 100% yours. If you switch jobs or retire, the HSA is yours and you can take the money with you. 

Rollover: If you don't use money in an HSA, the funds roll over to the next year automatically. There's no deadline to use the money, so you can use an HSA to save up for emergencies or health care services that cost more, like surgery or braces. 

Where to get an HSA: Banks, credit unions, and other financial institutions offer HSAs.  

Tax savings

  • You can set aside money from your paycheck before taxes are deducted. This reduces your taxable income when you file your federal income taxes.  
  • The money you put in an HSA grows tax-free. You don't pay taxes on any interest you earn. 
  • You don't pay taxes on money you take out from your HSA, if you use it on qualified medical expenses, like: 
    • Doctor visits 
    • Hearing aids 
    • Mental health care 
    • Prescription drugs, including insulin 
    • Vision care, including eye exams, prescription glasses and contact lenses 
    • Dental care like cleanings, fillings and braces  

Contributions 

  • You can only put money into an HSA when you're enrolled in an HSA-eligible plan.  
  • You can't have other coverage that would disqualify you. For example, you can't contribute to an HSA if: 
    • You have Medicaid, Medicare, or Tricare coverage. 
    • You have non-HSA coverage through a spouse. 
    • You have a plan that pays its share of a covered service without you having to pay co-payments or meet your deductible first. 
  • There are limits to how much money you can put into an HSA each year. In 2026, the maximum contributions are: 
    • Self-only coverage: $4,400 
    • Family coverage: $8,750 
  • If you're 55 or older, you can contribute an extra $1,000 to your HSA each year. If your spouse is also 55 or older, they can make the same extra contribution to their own HSA, if they're eligible—but not to yours. 

To dig into the details of HSA eligibility and contributions, use IRS Publication 969: Health Savings Accounts and Other Tax-Favored Health Plans.