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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.
The HealthSavings office will be closed for Martin Luther King Jr. Day on January 18th.