This HSA overview has been revised with information for 2023 & 2024 tax years. A few years ago, during my employer’s open enrollment period I switched from traditional PPO health insurance plan to an HDHP with HSA features because I’m young, healthy and rarely visit doctors (knock on wood!). A HDHP gives me lower premiums compared to traditional health plans.
One of the primary attractions of an HDHP plan was access to its Health Savings Accounts, with my employer contributing towards them. HSAs are key components of HDHP plans; let’s dive deeper into them, what they entail, their contribution amounts and what medical expenses an HSA can cover.
What Is an HSA? Health Savings Accounts, commonly known as HSAs, are tax exempt accounts that allow individuals to invest money for qualified medical expenses tax-deductibly through contributions. Most HSAs come equipped with debit cards for easy payment and account keeping of medical costs.
+ There are no comments
Add yours