Health Savings Account

A Health Savings Account (HSA) allows you to set aside pre-tax money to pay for qualified health expenses, either now or in the future. As one of the most tax-advantaged savings accounts available, learn how an HSA can save you money!

These accounts are long-term savings accounts, designed to help pay for out-of-pocket medical costs with pre-tax dollars (before taxes are taken out). There are many benefits of using an HSA, but the amount of tax savings is the main reason.

HSA’s allow you to set aside pre-tax money to pay for qualified medical expenses that your health plan doesn’t cover. Examples of qualifying expenses include co-pays, deductibles, and coinsurance.

The catch is that you have to be enrolled in a high-deductible health plan (HDHP). To be eligible for an HSA you can’t have any other healthcare coverage (besides you HDHP).