Updated January 01, 2014.
Definition: An HSA, or Health Savings Account, is a special type of savings account that allows you to deposit part of your pre-tax income and use it in the future for medical, long term care, and/or retirement expenses. You can only get an HSA if you also have qualified high-deductible health coverage. The deductible must be at least $1100/year for individuals, or $2200 for families.
HSAs are portable, meaning that you keep the accounts no matter where - or if - you work.
They also roll over from year to year, so you can accumulate savings over time. The money in these accounts can be used towards all kinds of medical expenses, including those not covered by your high-deductible health plan, such as dental care or over-the-counter medication.
Definition: An HSA, or Health Savings Account, is a special type of savings account that allows you to deposit part of your pre-tax income and use it in the future for medical, long term care, and/or retirement expenses. You can only get an HSA if you also have qualified high-deductible health coverage. The deductible must be at least $1100/year for individuals, or $2200 for families.
HSAs are portable, meaning that you keep the accounts no matter where - or if - you work.
They also roll over from year to year, so you can accumulate savings over time. The money in these accounts can be used towards all kinds of medical expenses, including those not covered by your high-deductible health plan, such as dental care or over-the-counter medication.
