Health Savings Accounts (HSA)

A Health Savings Account (HSA) is a tax-advantaged savings account designed for individuals with high-deductible health plans to save for medical expenses. Contributions are made pre-tax, reducing taxable income, and the funds grow tax-free. Withdrawals for qualified healthcare costs—like doctor visits, prescriptions, and procedures—are also tax-free. Unused money can roll over year-to-year, building a healthcare reserve. HSAs empower individuals to control their healthcare spending, promote savings, and benefit from potential tax savings, making them a valuable tool for managing healthcare costs efficiently.