Health Savings Accounts
Frequently asked questions
- A special type of account where you can save for future medical expenses.
- Security – Your high deductible insurance plan and HSA may protect you against high or unexpected medical bills.
- Affordability – Lower your health insurance premiums by switching to health insurance coverage with a higher deductible.
- Flexibility – Use the funds to pay for expenses that your insurance may not cover or save for future medical needs.
- Ownership – Funds remain in the account from year to year. There are no "use it or lose it" rules for HSAs.
Who makes contributions to my HSA?
- You or your employer, or both of you may make contributions.
How do contributions work?
- Contributions are limited annually by federal law.
- See your tax preparer for details on HSAs and deductibility.