Title: What is a Health Savings Account and how does it benefit me?

What is a Health Savings Account and how does it benefit me?
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A health savings account (HSA) is a tax-exempt account established for the purpose of paying or reimbursing qualified medical expenses for an individual, spouse, or family.

To be eligible to open an HSA, you must first choose a HSA-qualified high deductible health plan (HDHP).

An HSA provides triple tax savings. Funds are deposited on a pre-tax or tax-deductible basis, earnings grow tax free, and withdrawals for qualified medical expenses are tax free.

HSA funds roll over from year-to-year and you may use or keep your funds depending on your financial needs.

You must be:

  • Covered under a qualified high deductible health plan (HDHP) on the first day of the month

You must not be:

  • Covered by any other health plan, including your spouse’s health insurance
  • Covered by your own or your spouse’s medical flexible spending account (FSA)
  • Enrolled in any part of Medicare or Tricare
  • Receiving veteran’s health benefits now or in the past 90 days for a non-service connected disability
  • Claimed as a dependent on another person’s tax return

Learn more about Health Savings Accounts.

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