What is an HSA? Your Ultimate Guide to Health Savings Accounts

Health Savings Accounts (HSAs) are a valuable tool for managing healthcare costs while saving for the future. An HSA is a tax-advantaged savings account available to individuals enrolled in a High Deductible Health Plan (HDHP). It allows you to set aside pre-tax dollars to pay for qualified medical expenses for yourself, your spouse, or any dependents.

Here are some key points to know about HSAs:

• Contributions to an HSA are tax-deductible, reducing your taxable income.
• Interest or investment earnings on the HSA funds grow tax-free.
• Withdrawals for qualified medical expenses are tax-free.
• HSA funds roll over from year to year, so there's no
  

  Understanding Health Savings Accounts (HSAs) can be quite enlightening, especially when it comes to managing your healthcare expenses. These tax-advantaged accounts are designed for individuals like you who are enrolled in a High Deductible Health Plan (HDHP), allowing you to save pre-tax money for medical expenses. This means you can spend less at tax time while preparing for future health costs!