With the rising cost of medical expenses, people are looking for ways to help curb these costs. HSAs are a smart and healthy way to save for medical expenses. They are a tax-favored savings venue for individuals and families covered by a high-deductible health plan (HDHP)*. Contributions are tax-deductible and distributions are tax-free if used for a qualified medical expense**.
* To see if your healthcare plan is HSA eligible, contact your healthcare provider or reference IRS Publication 969.
** Contact your tax adviser for complete details.
REACH Success Financial Education
Health Savings Account
Health Savings Accounts (HSAs) have grown in popularity as a way for consumers to save for healthcare costs. However, many people are still unfamiliar with how to use HSAs and the benefits associated with them. This short, interactive learning experience will teach you about:
- Eligibility requirements
- Benefits, features, and risks
- How to open and use an HSA