What is a Health Savings Account (HSA)?
A Health Savings Account (HSA) is a tax-advantaged account created for individuals who are covered under high-deductible health plans (HDHPs) to save for qualified medical expenses that are over and above an HDHPs coverage limits and/or exclusions. Contributions are made into the account by the individual or the individual’s employer and are limited to a maximum amount each year. The contributions are invested over time and can be used to pay for qualified medical expenses, such as medical, dental and vision care, as well as prescription drugs. With the CARES act enacted into law in response to the Coronavirus pandemic, HSA funds can now be used for over-the-counter medications without a prescription, as well as certain other health-related products.
Find out how to gain greater knowledge and support customers seeking to open and manage a HSA at your organization. Explore HSA courses below.
- HSA University (5 week course)