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Simply put, a health savings account (HSA) is a tax-exempt account established for the purpose of paying or reimbursing qualified medical expenses for an individual, spouse or family. To be eligible to open an HSA, you must first choose a HSA-qualified high deductible health plan (HDHP).
An HSA provides triple tax savings. Funds are deposited on a pre-tax or tax-deductible basis, earnings grow tax free and withdrawals for qualified medical expenses are tax free.
HSA funds roll over from year-to-year, and you may use or keep your funds depending on your financial needs.
In short, an HSA is like a 401(k) or IRA for your medical expenses, only better because withdrawals for qualified expenses are tax free.
2018 HSA contributions can be made until April 15th. Individuals, select "Contribute to 2018" when scheduling a contribution. Employers, select "File Upload" when scheduling a contribution, then note "Fiscal Year 2018" in your file template.