Health Savings Account
A Health Savings Account (HSA) couples a high-deductible health plan that provides coverage for major losses with a savings account to accumulate funds for other qualified, more routine medical expenses. The premiums for the health plan and your contributions to the savings account are tax-deductible. Cash withdrawals from the saving account are not taxable if used to pay for qualified medical expenses. Contribution limits are set by law and are subject to change annually. There are few eligibility requirements for this plan; you can’t be covered under any other plan, enrolled in Medicare, or be eligible as a dependent on another’s tax return. Keep in mind, not all high deductible plans are considered a qualified HSA plan. Please consult your benefit advisor for options.