Is the HCSP considered a Health Savings Account (HSA)?
A. No. Although both are tax-advantaged plans to be used for eligible health care expenses, the HCSP is not a Health Savings Account (HSA). An HSA is a medical savings plan available to taxpayers who are enrolled in a High Deductible Health Plan (HDHP). The HCSP, administered by Minnesota State Retirement, is an individual, tax-free account to be used for reimbursement of post-employment medical expenses for you, your spouse, and your legal tax dependents.
