National Health Savings Account Day Date in the current year: December 8, 2025

Most developed countries have universal healthcare systems that ensure every resident can access essential services without going into debt. However, the United States is an exception. Americans pay for healthcare through a combination of private insurance, government programs for the elderly, disabled, and low-income individuals, as well as direct out-of-pocket payments. Even insured individuals typically have to pay part of their medical costs through deductibles, copayments, or coinsurance.

There are different types of medical insurance plans. For example, high-deductible health plans (HDHPs) have lower monthly premiums but higher deductibles than traditional health plans. This means you pay less each month for the insurance itself, but if you have a medical emergency, you must pay more out of pocket before the insurance company begins to pay for your treatment.

Many people choose an HDHP because they cannot afford high monthly premiums. This works well for them as long as they are healthy. However, if they require medical care, they are likely to incur debt. Health savings accounts (HSAs) were created to counterbalance HDHPs by giving people the opportunity to set aside money specifically for medical expenses. Being covered by an HDHP is a prerequisite for opening an HSA.

Money that goes into an HSA is tax-advantaged, meaning it is not taxed when you put it in, while it grows, or when you take it out, as long as you use it for approved medical costs, such as doctor visits, laboratory tests, medications, hospital bills, and many everyday healthcare costs and medically necessary equipment and supplies.

However, if HSA money is used for nonqualified expenses that are not medically necessary, such as cosmetic procedures, it becomes taxable and may incur an additional penalty if you are under 65 years old. Withdrawals for nonmedical expenses are not penalized if you are older than 65, but they are still taxed as regular income.

An HSA belongs entirely to the individual, not the employer or insurance company. However, both employees and employers can contribute to it. Unspent money rolls over from year to year, and it stays with you even if you change jobs or retire. For this reason, many people use HSAs to pay for current healthcare costs and to save for future medical expenses.

National Health Savings Account Day was launched in 2019 by Ameriflex, a provider of employee benefits solutions, including HSAs. December 8 was chosen as the date to commemorate the signing of the Medicare Prescription Drug, Improvement, and Modernization Act (MMA) of 2003 into law, which established HSAs to replace the old medical savings account system. The day’s main goal is to educate the public about HSAs and their benefits.