what is a Health Savings Account (HSA)?
Health Savings Accounts, or HSAs, allow you to save money tax-free for almost any health care expense. Qualified HSA expenses include bandages, eyeglasses, medication, doctor’s office fees, medical services, and even your plan’s deductible.
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You can open an HSA if you enroll in a high-deductible health plan (HDHP). Any plan with a deductible higher than $1,100 for individuals or $2,200 for families counts as an HDHP.
Here are some features of the Health Savings Account:
- The savings in an HSA rolls over every year — and earns interest.
- HSAs are portable if you change jobs.
- Both you and your employer can make contributions.
- When you turn 65 years old, you can withdraw HSA funds for any reason.
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