HSA is a health savings account—a special type of savings account that lets you put aside pretax money to pay for qualified medical expenses now or in the future—money that is yours and you don’t lose it if you don’t spend it. It can be used for copays or deductibles, prescription medications, vision care and much more. By allowing you to save pretax, an HSA helps you keep more of your hard-earned money and lower your overall healthcare costs.
Established in 2003 as part of the Medicare Prescription Drug, Improvement and Modernization Act, HSAs allow people with High-Deductible Health Plans to pay for current healthcare expenses and save for future expenses on a tax-favored basis. Here, we look at the eligibility requirements, pros and cons and other important details about Health Savings Plans.
Click on the links below to review the Health Savings Account information for Employees: