HSA Day: What It Is, Why It Matters

woman looking at her HSA balance on HSA Day

Key takeaways:

HSA Day is dedicated to raising awareness of HSAs and how they can benefit Americans.
The day is the perfect opportunity to plan your health spending, make an informed HSA decision for open enrollment, and learn more about how to maximize your account.
HSA Store® has resources, tools, and special discounts to help you celebrate HSA Day.

HSA Day, held every year on October 15, is a day dedicated to promoting education and appropriate use of HSAs. It’s a chance to learn more about how to use your HSA and plan for a healthy future (and enjoy some special savings—more on this below).

Here’s a closer look at HSA Day, including the best ways to celebrate it.

Why HSA Day is important

The number of Americans with HSAs is rapidly growing. But many of these people might not be taking full advantage of their accounts.

HSA accounts increased from 6.3 million in 2011 to nearly 40 million by 2025. At the same time, a Greenwald Research survey found that only 47% of HSA enrollees knew that HSAs could be used for medical expenses in retirement. Only 28% knew that HSA funds could be invested in mutual funds.

HSA Day aims to help close this knowledge gap, so holders can maximize their accounts. Awareness of basic HSA rules, tax advantages, and eligible expenses helps you plan for short- and long-term health goals.

If you’re deciding whether to open an HSA during open enrollment, exploring resources and tools during HSA Day can also help you make an informed decision.

What is an HSA?

To quickly review: An HSA is a personal healthcare account that you fund and use to cover qualifying health products and services. To enroll in an HSA, you must have a qualified high-deductible health plan.

HSAs enjoy a “triple tax advantage”:

HSA contributions aren’t taxed.
There’s no tax on interest earned or growth from invested HSA funds.
There’s no tax on HSA withdrawals for qualified health expenses.

For expenses to be HSA eligible, they must meet the IRS’s definition of medical care. The IRS defines medical expenses as amounts paid for the diagnosis, cure, mitigation, treatment, or prevention of disease, or for the purpose of affecting any structure or function of the body.

How to take advantage of HSA Day

If you’re new to HSAs or aren’t very familiar with your account, getting started can feel overwhelming.

That’s why we’ve put together this checklist to help you get the most out of HSA Day:

Review your account balance and estimate your health expenses for the coming year; use our Tax Savings Calculator™ to see how much you can save over time with an HSA.
Learn more about what’s HSA eligible with our Eligibility List.
Download the Expense Tracker™ app to stay on top of your HSA spending and simplify your reimbursements.
Discover exclusive HSA Store® savings for HSA Day (sitewide promotions, featured offers, bundles, limited-time events) from October 14 to 16.
Earn Perks Points for HSA Store® purchases by completing HSA lessons.

In summary

HSA Day is really a moment to focus on yourself. By spending a little extra time on your HSA, you can make sure your future health expenses are covered—which not only helps you get the care you need, but gives you some well-deserved peace of mind.

If you’re ready to celebrate HSA Day, head to our homepage for discounts and resources.