What is a health savings account (HSA)?

A health savings account is a financial account that provides tax savings when combined with a qualified high deductible health plan.
Who should buy an HSA?

  • People who are interested in tax deductions.
  • People who don't anticipate large health care expenses from year to year.
  • Those who are interested in supplementing thier retirement benefits.

Who should not buy an HSA?

  • Anyone who has an ongoing health condition.
  • People who have high prescription drug costs.
  • Those who utilize thier health plan often.

Who is eligible for a Health Savings Account?

  • Someone who is under the age of 65.
  • Someone who does not have other medical coverage.
  • Someone who is not claimed as a dependent on someone else's tax return.
Man Carrying Tax Savings
Health Savings Accounts and High Deductible Health Plans
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HSA Highlights

  • Tax deductible contributions to your health savings account.
  • Capital gains and interest in the health savings account accumulate income tax free.
  • There are no limits to the amount that may accumulate in the HSA.
  • Health savings account balances can be used to supplement retirement income after age 65.
How does it work?

The basic idea of a using a health savings account with a qualified high deductible health plan is to:

  • Lower your monthly health insurance premiums (the amount you pay each month).
  • Pay for your medical, dental, & vision expenses with tax free money.

To take advantage of this solution, you must:

  • Have no other major medical coverage.
10 Common Medical Expenses You Can Pay for
with Pre-Tax Money From Your Health Savings Account (HSA)