What is HSA? A Comprehensive Guide to Health Savings Accounts

Health Savings Account (HSA) is a tax-advantaged savings account specifically designed for medical expenses. It allows individuals to save for qualified medical expenses on a tax-free basis.

Here are some key points to know about HSAs:

• Contributions to an HSA are tax-deductible.
• Withdrawals for qualified medical expenses are tax-free.
• Unused funds roll over from year to year.
• HSAs are portable, meaning they are not tied to a specific employer.

Overall, HSAs offer a flexible way to save for healthcare costs while enjoying tax benefits.

A Health Savings Account (HSA) is an incredible financial tool that empowers you to save money specifically for healthcare expenses tax-free. With increasing medical costs, having an HSA can provide peace of mind.