A savings account that allows you to put money into the account tax-free and can only be used to pay for qualified health care expenses. You may be eligible for a HSA if you have a high deductible deductible
The amount your health insurance plan requires you to pay for health care services and supplies before they begin to pay. For example, if your deductible is $1,500, you are responsible for paying for all of the services and supplies you receive (except for any covered preventive services) until the amount you paid reaches $1,500. Once the deductible has been reached, your insurance company may pay for all of your health care expenses, or you may have to pay co-insurance, a percentage of the charges. If you have a high deductible health plan, you may be eligible for a Health Savings Account.
health plan.

Benefits of a health savings account:

  • Contributions are tax- deductible deductible
    The amount your health insurance plan requires you to pay for health care services and supplies before they begin to pay. For example, if your deductible is $1,500, you are responsible for paying for all of the services and supplies you receive (except for any covered preventive services) until the amount you paid reaches $1,500. Once the deductible has been reached, your insurance company may pay for all of your health care expenses, or you may have to pay co-insurance, a percentage of the charges. If you have a high deductible health plan, you may be eligible for a Health Savings Account.
  • Interest earned is tax-free
  • Withdrawals for qualified medical expenses are tax-free
  • Unused funds and interest are carried over, without limit, from year to year
  • You own the money in the HSA and it is yours — even when you change plans or retire
  • The account is administered by a trustee/custodian