Health Savings Accounts (HSAs)
A health savings account (HSA) is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a high-deductible health plan (HDHP). The funds contributed to an account are not subject to federal income tax at the time of deposit.
If you have a high deductible health insurance plan, you can contribute to your HSA tax-free. In addition, your money grows tax-free and you can withdraw tax-free if you use the money for eligible medical expenses.1
- Contributions to the HSA are 100% deductible (up to the legal limit) — just like an IRA.
- Withdrawals to pay qualified medical expenses, including dental and vision, are never taxed.
- Interest earnings accumulate tax-deferred, and if used to pay qualified medical expenses, are tax-free.
- Unlike a flexible spending account (FSA), unused money in your HSA isn’t forfeited at the end of the year; it continues to grow tax-deferred.
- Subject to qualifications. $20 annual fee per account.
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