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Credit Assessment

Health Savings Accounts (HSAs)

What is a Health Savings Account?

If you are participating in the HSA-qualified High-Deductible Health Plan (HDHP) as a health insurance benefit, your employer is offering to assist you in budgeting for any healthcare related expenses your health plan does not cover, including expenses you will be responsible for prior to reaching your health plan’s deductible. 


With this account, you’ll save 25% - 40% on your out-of-pocket healthcare related expenses. The contributions you make will be deducted from your paycheck before taxes are taken out. You can spend your HSA during the current year or save it for the future. You can even save your HSA to pay medical expenses when you retire.


Here are some important features to consider:

  • Funds in your HSA are available only as they are deposited into your account. 

  • Any money left in your HSA belongs to you and rolls over from year to year.

  • The balance in the HSA is yours to keep, even if you terminate employment or retire. 

  • You have an option to save the money in an interest-bearing FDIC insured account or invest it in securities or mutual funds. 

If you elect the HSA, your employer may also allow you to contribute to a Limited Flexible Spending Account (LFSA). It’s limited because you can only use it to pay dental and vision expenses that are not covered by another plan.


What expenses are eligible for HSAs?

  • COBRA premiums

  • Co-insurance and co-pays

  • Prescriptions

  • Dental care (including extractions and braces)

  • LASIK and laser eye surgery

  • Deductibles for Medical, Dental, Vision and Prescription

  • Physical therapy

  • Flu shots

  • Hospital services and fees

  • And much more!

Use the NCA Benefits card instead of your own credit card or cash to pay for eligible expenses. Swipe and go!

2022 Contribution Limits

The IRS contribution limits for 2022:

Single: $3,650

Family: $7,300

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