What is a Health Savings Account (HSA)?
A Health Savings Account (HSA) is an alternative to traditional health insurance; it is a savings product that offers a different way for consumers to pay for their health care. HSA’s enable you to pay for current health expenses and save for future qualified medical and retiree health expenses on a tax-free basis. You must be covered by a High Deductible Health Plan (HDHP) to be able to take advantage of HSA’s. An HDHP generally costs less than traditional health care coverage. The money saved on insurance can therefore be put into the Health Savings Account.
Related Questions
- I am enrolling in an HSA (Health Savings Account). Do I enter the employee contribution amount or the employee AND the employer contribution amount in the Annual Pledge field?
- I am enrolling in a HSA (Health Savings Account). Do I enter the employee contribution amount or the employee AND the employer contribution amount in the Annual Pledge field?
- What is a Health Savings Account (HSA)?
