If you are enrolled in Marquette’s high-deductible health plan, you are eligible to contribute pre-tax funds to an HSA account. HSA accounts are tax-advantaged personal health care accounts. There are three ways you can save by contributing to an HSA account:
- Pre-tax contributions
- Tax-free interest and investment earnings
- Tax-free payments for qualified medical expenses (and there are thousands of those)
You already know how great it is to have HSA funds available for the stuff life throws at you. But you can also use your HSA as an investment and retirement tool for your future! Here are some great reasons to consider investing your HSA dollars:
- HSA contributions can reduce your taxable income, payroll contributions are not subject to US payroll tax, and any earnings from your investments aren’t taxed.
- You can withdraw invested HSA funds for medical expenses at any time, without penalty.
- All HSA funds are carried over year to year – you don’t have to “use it or lose it.”
- It’s easy! You can opt in to automatically invest your funds once you’ve reached your balance threshold. And you can change your contribution amounts any time by emailing benefits@marquette.edu.
- You can invest in the standard mutual fund offerings or start an HSA brokerage account to make your own portfolio choices.
Today’s the day to start saving for the future. See your savings potential.
Planning ahead for 2025? HSA contribution limits are increasing to $4,300 for individuals and $8,550 for families. Learn more about HSAs on our HSA website.
