Tag: HSA

Health Savings Accounts (HSAs) are a powerful financial tool that can help you save for healthcare-related expenses. HSAs were created in 2003 as a way for individuals to save for qualified healthcare expenses on a tax-advantaged basis. With an HSA, you can save, invest, and spend on healthcare for yourself and your family—all while taking advantage of potential tax savings. HSAs offer several benefits, including ease of use, high contribution limits, tax deferred growth, and portability. By setting up an HSA, you can start on the path towards a healthier financial future.

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.