A Health Savings Account is a tax savings account combined with a qualifying Health Insurance Plan. By allowing you to deposit tax-deductible funds into a savings account that you can use to cover medical costs. Health Savings Accounts enable you to take control of your own health care decisions.
You must first have a \”high-deductible health insurance plan\” which qualifies to be partnered with an HSA. These plans are available through various insurance companies, depnding where you live. HSA plans have annual deductibles that are at least $1,250 for individual coverage or at least $ 2,500 for family coverage. Your annual out-of-pocket expenses which include deductibles and co-payments are capped at $ 6,250.00 for individuals or $ 12,500 for families. Once your insurance policy has become effective, you may fund your HSA account.
