What is a Health Savings Account (“HSA”)?
What Is a “High Deductible Health Plan” (HDHP)?
How can I get a Health Savings Account?
How much does an HSA cost?

What is a Health Savings Account (“HSA”)?  Top
A Health Savings Account is an alternative to traditional health insurance; it is a savings product that offers a different way for consumers to pay for their health care. HSAs enable you to pay for current health expenses and save for future qualified medical and retiree health expenses on a tax-free basis. You must be covered by a High Deductible Health Plan (HDHP) to be able to take advantage of HSAs. An HDHP generally costs less than what traditional health care coverage costs, so the money that you save on insurance can therefore be put into the Health Savings Account. You own and you control the money in your HSA. Decisions on how to spend the money are made by you without relying on a third party or a health insurer. You will also decide what types of investments to make with the money in the account in order to make it grow.

What Is a “High Deductible Health Plan” (HDHP)?  Top
You must have an HDHP if you want to open an HSA.  An HDHP is a health insurance plan that generally doesn’t pay for the first several thousand dollars of health care expenses (i.e., your “deductible”) but will generally cover you after that. Of course, your HSA is available to help you pay for the expenses your plan does not cover.

In order to qualify to open an HSA, your HDHP must have a minimum deductible and maximum out-of-pocket limits as set annually by the IRS. HDHPs can have first dollar coverage (no deductible) for preventive care. CLICK HERE TO VIEW THE CURRENT INDEXED AMOUNTS FOR HSAs

How can I get a Health Savings Account?  Top
Consumers can sign up for HSAs with banks, credit unions, insurance companies and other approved companies. Your employer may also set up a plan for employees as well.

How much does an HSA cost?  Top
An HSA is not something you purchase; it’s a savings account into which you can deposit money on a tax-preferred basis. The only product you purchase with an HSA is a High Deductible Health Plan, a health insurance plan that may cover most of your medical expenses after your meet your deductible.