Health Savings Accounts
What are Health Savings Accounts?
You may have been hearing about Health Savings Accounts (HSAs) in the news as a way for individuals to pay for health care costs. But what are Health Savings Accounts?
HSAs are individual accounts that allow you to use pre-tax dollars to pay for future medical expenses. You will be able to deduct your contributions to your HSA, and the account earnings will accumulate on a tax-deferred basis. Distributions from your HSA are tax-free if they are used for qualified medical expenses. HSAs are designed specifically for individuals who have chosen a high-deductible health plan (HDHP).
To learn more, call one of our HSA specialists at 906-632-5300.