What is an HSA (Health Savings Account)?
A Health Savings Account is used together with a high deductible health plan as an alternative to traditional health care plans. A health savings account is a tax-sheltered savings account similar to an IRA, but designated specifically for medical expenses. Deposits are tax-deductible and can be easily withdrawn by check or debit card to pay routine medical bills with tax-free dollars.
The balance not used from the account each year stays in the account and continues to grow interest on a tax-favored basis to supplement retirement, similar to an IRA - it's like a medical IRA.
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Consult a tax advisor for additional information.
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