What is an HSA Health Account? Understand the Basics of Health Savings Accounts

Health Savings Account (HSA) is a tax-advantaged savings account specifically for medical expenses. It offers individuals with a high-deductible health plan a way to save money for qualified medical costs.

With an HSA, individuals can contribute pre-tax dollars to the account, and the funds can be used tax-free for eligible medical expenses, such as doctor visits, prescriptions, and more.

Here are some key points to understand about HSA:

• HSA contributions are tax-deductible
• Unused funds roll over year to year
• Portability - the account stays with you even if you change jobs or health plans
• Interest or investment earnings on HSA funds grow tax-deferred

It's important to know that not all high-deductible health plans are HSA-eligible, so it's essential to check with your insurance provider to confirm eligibility.

By having an HSA, individuals can take control of their healthcare costs and save for future medical needs. It's a flexible savings tool that offers tax benefits and financial security when it comes to health expenses.

Health Savings Accounts (HSAs) are a powerful tool for managing your healthcare costs. Designed specifically for individuals enrolled in high-deductible health plans, an HSA allows you to set aside money for medical expenses while enjoying tax benefits. By contributing pre-tax dollars, you're not just saving for today but also securing your health for the future.