Brief History

The concept of Health Savings Accounts was introduced in 2003 with the passing of the Medicare Prescription Drug, Improvement, and Modernization Act. These accounts were designed to give individuals more control over their healthcare expenses while encouraging savings for future medical needs. National HSA Day was later established to educate the public on the importance of HSAs and their role in reducing healthcare costs. October 15 was chosen to coincide with the beginning of the Medicare open enrollment period, highlighting the significance of making informed healthcare decisions.

How It’s Celebrated

On National HSA Day, financial institutions, employers, and healthcare organizations often host informational sessions and webinars to educate individuals about HSA benefits. Topics include tax savings, long-term healthcare planning, and investment opportunities within HSAs. Social media campaigns and workplace newsletters encourage people to review their current HSA contributions and align them with future healthcare needs. It’s also a day to assess healthcare expenses and plan ahead for upcoming medical costs.

National Health Savings Account (HSA)

Interesting Facts

• HSAs are only available to those enrolled in high-deductible health plans (HDHPs).
• Contributions to an HSA are tax-deductible, and the funds grow tax-free when used for qualified medical expenses.
• Funds in an HSA roll over yearly, unlike flexible spending accounts (FSAs).
• Once an individual turns 65, they can use HSA funds for any purpose without penalties (though non-medical expenses are taxed).
• Many HSAs offer investment options, allowing account holders to grow their savings over time.