Looking for an alternative to a traditional savings account?
A Health Savings Account (HSA) is a tax-advantaged medical savings account available to taxpayers enrolled in a High Deductible Health Plan (HDHP).
An HSA allows you to save for future medical expenses. You control the funds in your HSA and decide how you want to use them in conjunction with your qualified high deductible health plan.
Funds contributed to an HSA are not subject to federal income tax at the time of deposit. They are considered pre-tax deductions from an employee's paycheck. Funds in an HSA roll over and accumulate each year if not spent.