Health  Savings Accounts


A  health savings account is a type of medical savings account that allows you to save money to pay for current and future medical expenses on a tax-free basis. In order to be eligible for a health savings account, you must be covered by a  high-deductible plan, not have any other health insurance (including Medicare), and not be claimed as a dependent on someone else's tax return.

You  can use this account to pay for your qualified health expenses, including  expenses that the plan ordinarily doesn't cover, such as eyeglasses and hearing  aids. Expenses paid out of the HSA that are eligible expenses under your  high-deductible health plan will count toward the plan's deductible. During  the year, you can make voluntary contributions to your health savings account  using before-tax dollars.

 In some cases, employers may set up and help fund  health savings accounts for their employees. A health savings account earns  interest. If you have a balance in your health savings account at the end of  the year, it will "roll over," allowing you to build up a cushion  against future health expenses. A health savings account allows you to  accumulate funds and retain them when you change plans or retire. 

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