Tag: Health Savings Account

A Health Savings Account (HSA) is a great way to save money on healthcare and maximize your savings on both present and future medical expenses. An HSA allows individuals and families to save pre-tax dollars on qualified medical expenses, and it can be used to pay for doctor visits, prescriptions, vision and dental care, and more. With an HSA, you also enjoy great tax benefits such as being able to deduct your contributions from your taxes and tax-free earnings on investments. All in all, a Health Savings Account is a powerful way to save for medical expenses and maximize your savings.

Savings

What is a Health Savings Account: An Academic Overview

By Nicole Knight
August 13, 2023

4 min read

A Health Savings Account (HSA) is a tax-advantaged account that can be used to pay for certain healthcare expenses such as doctor’s visits, prescription medications, and even health insurance premiums. It offers a triple benefit of savings through contributions that are not taxed, interest earned on the savings that is also not taxed, and withdrawals that are not taxed as long as they are used for qualifying medical expenses. HSAs can be opened by individuals, employers, or both and can be used to secure funds for current and future healthcare needs.