Health Savings Account

Learn about Health Saving Account and find out if it is a good fit for you and your loved ones!


About Health Savings Account

A Health Savings Account (HSA) is a type of savings account that allows individuals to set aside money on a pre-tax basis to cover qualified medical expenses. HSAs are available to individuals who are enrolled in a high-deductible health plan (HDHP), which is a health insurance plan with a higher deductible and lower premiums compared to traditional health insurance plans.

It’s important to note that there are annual contribution limits for HSAs set by the IRS, and the funds in the account must be used for qualified medical expenses to maintain the tax advantages.

Overall, HSAs provide a tax-efficient way to save and pay for medical expenses, making them a popular option for individuals looking to manage healthcare costs and save for future healthcare needs.

Contributions made to an HSA are tax-deductible, meaning they can be deducted from your taxable income, providing potential tax savings. Additionally, any interest or investment gains earned within the HSA are tax-free.

The funds in an HSA can be used to pay for a wide range of qualified medical expenses, including doctor visits, prescription medications, dental care, vision expenses, and more. This allows individuals to save money specifically for healthcare needs.

HSAs are owned by individuals, which means the account remains with you even if you change jobs or health insurance plans. The funds in the account roll over from year to year, so they are not lost if unused.

Some HSA providers offer investment options, allowing individuals to grow their HSA funds over time. This can provide the opportunity for long-term savings and potential investment returns.