Employees enrolled in the GW Health Savings Plan are able to elect and contribute to an HSA, a tax-advantage health care savings tool. Your HSA funds can be used to help you pay for current eligible health care costs and help you save for future medical expenses. There are unique benefits of an HSA, including the fact that your money stays with you even if you switch employers, change health plans or retire.
In addition, your HSA earns interest and you can invest your HSA funds, making it another savings mechanism for retirement.
Once you reach a minimum balance of $1,000, you can open an investment account and invest your funds over $1,000. More good news – the contributions, earnings and qualified withdrawals to these investment accounts are tax-free. Watch a short video with information on how to get started with your investments. If you have questions, PayFlex can assist you at payflex.com or 1–844–729–3539 (TTY: 711), Monday – Friday 7a.m. -7p.m. CT, and Saturday 9a.m. – 2p.m. CT.
