A health savings account (HSA) is a tax-advantaged account meant to save for medical expenses. You can open an HSA through your employer (if they offer it) or directly through a financial institution. To be eli
High deductible health plan (HDHP) premiums are often considerably lower than other common plans. This means you might have additional funds to handle the HDHP deductible and fund the HSA. Employers might fund some or all of the HSA for you. Employer contributions are tax-exempt How to quali...
Health savings accounts (HSAs) have big tax advantages, but you’ll need a high-deductible health plan.
This HSA overview has been updated with info for the 2025 & 2026 tax years.A few years ago, I moved from a traditional PPO health insurance plan to ahigh deductible health plan (HDHP)that was paired with a health savings account (HSA) during my employer’sopen enrollmentperiod. Why? I’...
How to get an HSA To qualify for an HSA, you must be enrolled in a high-deductible health insurance plan and have no other health insurance. You cannot be claimed as a dependent on someone else’s tax return nor eligible for Medicare. The IRS sets the thresholds for what is considered ...
If you have high-deductible health plan coverage, you'll pay a smaller premium amount each month, but you must also pay thousands of dollars out-of-pocket.
HSAs are designed to be used in conjunction with a high-deductible health plan (HDHP). If you purchase an HSA as part of your company’s benefits package, contributions are pretax, and withdrawals for qualified medical expenses are not taxable. Funds in HSAs can also be invested after you...
A Health Savings Account, or HSA*, allows members of certain health care plans to use pre-tax money to pay for qualified health care costs. A member with an HSA has a High Deductible Health Plan (HDHP). These plans are available to consumers looking for individual and family Marketplace ...
An HSA is a special personal savings account funded with pre-tax dollars that employees can use to pay certain medical expenses. In other words, it’s like a 401(k) for healthcare.But there’s a catch: HSAs are only available to those enrolled in a high-deductible health plan (HDHP)...
Offering access to an HSA-compatible High Deductible Health Plan (HDHP) Providing education on how HSAs work and their tax advantages Covering administrative fees for HSA accounts Contributing to an HRA or FSA as a supplement or alternative These options can still encourage HSA use and promote em...