|
A Health Savings Account (HSA) is an interest bearing account that will allow you to pay for medical expenses. The HSA is designed to work with a High Deductible Health Plan (HDHP or SDHP). Funds that are deposited into the HSA account can be used to pay your deductibles, coinsurance, and other future medical expenses that are not paid or covered by the health plan. Funds you put in an HSA are tax deductible and the funds are not taxed when you withdraw them to pay for health care expenses. The HSA account is transferable, which means if you change employers or retire you have the ability to continue use of the funds which are never forfeited. The HSA funds can be carried over from year to year. |