Health savings account
A Health Savings Account (HSA) is a type of savings account that allows you to set aside pre-tax money to pay for qualified medical expenses, including doctor visits, prescription drugs, deductibles, copayments, coinsurance and others. You may contribute to an HSA only if you have a High Deductible Health Plan (HDHP), which covers preventive services before the deductible.
HSAs offer the following benefits:
|Health Savings Account
|Tax deductions when you contribute to your account. (1)
Tax-free earnings. (1)
Tax-free withdrawals for qualified medical expenses. (1)
|You can grow your balance with earnings.
|You can use the money in your HSA account to pay for current medical expenses or save it for future medical expenses.