Health Savings Account
A Health Savings Account (HSA) is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a high deductible health plan. The funds contributed to the account are not subject to federal income tax at the time of the deposit.
- Funds roll over and accumulate year to year if not spent
- HSAs are owned by the individual
- Funds in an HSA can be invested in a manner similar to investments in an IRA
- Investment earnings are sheltered from taxation and withdrawals are sheltered if used for medical purposes
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