Health Savings Account (HSA)

A Health Savings Account (HSA) is a financial tool that allows individuals to set aside money on a pre-tax basis to pay for qualified medical expenses. Contributions are tax-deductible, and the money grows tax-free. The funds can be used for a wide range of healthcare costs, such as doctor visits, prescriptions, and procedures. HSAs are typically paired with high-deductible health plans, providing tax advantages and encouraging savings for future healthcare needs. Unused funds can roll over year after year, and the account remains with the individual regardless of job changes or health plans.