Confirm you are enrolled in a qualifying high-deductible health plan
Open a Health Savings Account through a bank, credit union, or HSA provider
Contribute money to the account within annual IRS limits
Use the HSA debit card or reimburse yourself for qualified medical expenses
Save receipts for all HSA-eligible purchases
Use HSA funds for doctor visits, prescriptions, dental care, vision care, and other qualified expenses
Pay nonqualified expenses only if you are prepared to owe taxes and possible penalties
Invest HSA funds if your provider offers investment options
Track contributions, withdrawals, and receipts for tax records
Claim the tax deduction for contributions if applicable
Keep the HSA and use it for future medical expenses if you do not need the money now
Update beneficiaries on the account
Review account fees, investment options, and contribution limits each year