Health Savings Accounts

A HSA account is one created for individuals who are covered under high-deductible health plans (HDHPs) to save for medical expenses that HDHPs do not cover. 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, which include most medical care such as dental, vision and over-the-counter drugs. To use a HSA you must not be enrolled in Medicare Part A or Part B and you must not be a dependent of another taxpayer.