Health Savings Account Information
A Viable Consumer Driven Health Care Option

 

• A Health Savings Account (HSA) is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a High Deductible Health Plan (HDHP)

• The funds deposited into the account earn tax-free interest just like an individual retirement account. They can be withdrawn to pay for qualified medical expenses, tax-free. And funds that aren’t used can roll over and continue to earn tax-free interest, year after year, without the “use-it-or-lose it” risk.

• Health Savings Accounts will change the way millions meet their health care needs because they are designed to help individuals save for qualified medical and retiree health expenses on a tax-advantaged basis.

• The government is also allowing a one-time-only rollover of Flexible Spending Accounts into HSAs and a once-in-a-lifetime rollover of IRA funds into an HSA (subject to annual HSA contribution limits.)

Health Savings Accounts FAQ

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