Grow Your Savings
Your HSA dollars can grow over time, especially if you decide to compound your funds. The amount you save depends on how you choose to use your HSA funds.
- Funds in your HSA account will earn interest over time.
- Once your balance reaches $1,000, you may invest any funds above that level (in any increments) in a variety of HSA investment options with varying levels of related risk and returns.
Triple Tax Advantage
HSAs offer a triple tax advantage by making the following tax free:
- Investment earnings
A unique aspect of an HSA is the ability to invest some of your savings, which may potentially increase the value of your account for retirement. In order to invest your HSA funds, you must set up an HSA Investment Account. Visit CYC website to learn how to setup the account, current rates and investment options.
If you do not elect to participate in the investment option, the funds will remain in your HSA earning interest.
HSA Transfer of Asset
If you have an active HSA with TASC, you may want to consider transferring your asset of funds to ConnectYourCare.
You can transfer your TASC HSA to ConnectYourCare through an e-Consent (online) portal. You will have from September 30, 2019 - December 31, 2019 to sign up on the e-Consent portal. Any investment account will be liquidated when your HSA closed at Healthcare Bank and transferred to ConnectYourCare. Your HSA balance will be available in February 2020 with ConnectYourCare if you choose to transfer your funds.
If you want your HSA balance to remain with TASC, you must pay a monthly $3.00 administrative fee starting February 2020.