• 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 They can be withdrawn to pay for qualified medical expenses, tax-free.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
Our experts in Consumer Driven Healthcare can explain all your options
Go to Insurance Solutions