HSA Basics

What does Tango Health do?

Tango Health is an HSA administrator. Tango Health provides an easy-to-use technology that helps users manage their Health Savings Accounts.

Today, employees pay unnecessary taxes because eligible individuals fail to open and fully utilize their HSAs. Tango Health solves these issues with a number of innovative solutions:

  • Easy reimbursements for eligible expenses not paid for with HSA money
  • Online receipt storage
  • Automated, online account opening process
  • HSA experts provide five-star customer service

Tango Health and Your HSA

For many people, using an HSA can seem confusing at first. Tango makes it easy for you to setup your HSA and start saving on your health care costs. This document has a lot of information but there are always unique questions, so you shouldn’t hesitate to contact us.

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Why Do HSAs Exist?

Congress created HSAs for consumers as an incentive to take more financial responsibility for their health care costs. For the vast majority of services, consumers can decide where their money is spent. This is made possible through a higher deductible than traditional plans. An out-of-pocket cap and tax advantaged savings often result in lower healthcare costs and premiums for consumers.

What Are the Advantages of Using an HSA?

A Health Savings Account allows you to save money without paying taxes on the amount you save, the interest you earn on it or the amount you spend on qualified medical expenses. This can result in a large financial gain. Contributing the maximum amount allowed to your HSA can result in savings up to $2,150 a year.

Using pre-tax dollars to pay for expenses reduces your taxable income. At the same time, premiums are usually lower for High Deductible Health Plans than for traditional healthcare plans. Another consideration is that your employer may contribute to the Health Savings Account on your behalf. You do not pay any taxes on employer contributions to your account.

How do I become eligible for an HSA?

The important test is whether or not you can contribute to an HSA. To contribute to an HSA, you must be covered by a High Deductible Health Plan (HDHP) on the first day of the month.

If you are enrolled in an HDHP, there may be a few circumstances that make you ineligible to contribute to an HSA.

While you may have an open HSA and continue spending funds, you are only eligible to contribute to a Health Savings Account if you are not:

  • Covered by another non-HDHP medical plan, such as your spouse’s
  • Enrolled in Medicare
  • Covered under TRICARE (unless the benefits consist solely of preventive care or the limited other coverage specifically allowed by law)
  • Claimed as a dependent on another person’s tax return
  • Covered by a general purpose health care flexible spending account or health reimbursement account (alternative plan designs, such as a limited-purpose FSA or HRA, might be permitted)
  • A veteran who has received any health benefits from the Department of Veterans Affairs or the Indian Health Service within the last 3 months (unless the benefits consist solely of preventive care or the limited other coverage specifically allowed by law)