Check that your health plan is HSA-eligible
Open an HSA through your bank, employer, or HSA provider
Contribute money to the HSA within IRS limits
Use HSA funds for qualified medical expenses
Pay with the HSA debit card or reimburse yourself after paying out of pocket
Keep receipts and records for all HSA expenses
Invest HSA funds if your provider offers investment options
Use HSA funds for eligible expenses such as doctor visits, prescriptions, dental care, vision care, and medical supplies
Avoid using HSA funds for non-qualified expenses
Pay taxes and penalties if you use HSA money for non-qualified expenses before age 65
Carry unused HSA funds forward year to year
Keep the HSA after changing jobs or health plans if you remain eligible
Use HSA funds for Medicare premiums only in limited cases
Review IRS rules and annual contribution limits each year