Health Savings Accounts
A Health Savings Account (HSA) plans can lower your premium, reduce your income taxes, and allow you to save money for future medical expenses tax-free. For these reasons, HSA plans have become the most popular plans we offer in Colorado.
Here’s why they have become so popular:
HSA Plans can offer Lower Premiums
Tax-Deductible Contributions
Contributions to an HSA are tax-deductible. For 2026, individual contribution limits are $4,400 while family contribution limits are $8,750 where as annual contribution maximum limits for 2027 is $4,500 for individuals and $9,000 for families.
Pre-tax medical expenses
Withdrawals are tax-free and penalty-free when made for HSA qualified expenses, including your deductible, birth control pills, contact lenses and eyeglasses, chiropractors, dental treatment, fertility treatment, vasectomies, and even travel expenses incurred while seeking medical care.
Tax-deferred growth
Unused funds grow in your account tax-deferred, and can be withdrawn penalty-free at age 65. There are a variety of investment options, including savings accounts, money market accounts, or a wide selection of mutual funds.
For more information on how HSA plans work, see our brief “How To” Guide to HSAs.
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✔ Plans approved and authorized under the Affordable Care Act
✔ Cover pre-existing conditions
✔ Low-cost subsidized plans are available to those earning <400% of the federal poverty level
✔ Unlimited lifetime benefits
✔ Available during open enrollment (Nov. 1st - Jan. 15th), or if you qualify for a Special Enrollment Period
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✔ Not health insurance, but a way for like-minded individuals to share medical expenses
✔ Waiting periods on pre-existing conditions
✔ Enroll any time
✔ May exclude sharing for certain conditions or activities
✔ Much lower monthly cost than unsubsidized health insurance