health saving accounts (HSAs)

A Health Savings Account (HSA) is a tax-advantaged savings account designed for individuals with high-deductible health plans. It allows you to save money tax-free to pay for qualified medical expenses, including doctor visits, prescriptions, and other health-related costs. Contributions are deductible from your taxable income, and withdrawals for qualified expenses are tax-free. Funds can roll over year to year, and the account remains yours even if you change jobs or health plans. HSAs encourage you to save and plan for healthcare costs efficiently while enjoying favorable tax benefits.