< DICTIONARY

HSA

A financial account you can open and deposit money into to pay for medical expenses, while reducing your income taxes.

Contributions to Health Savings Accounts are tax deductible (they lower your income tax). Withdrawals are tax-free if used for qualified healthcare expenses.

Families with young children and high family health care expenses can use HSA accounts as a way to lower their overall yearly spend.

In order to qualify to open an HSA, you need to have a High-Deductible Health Plan, a health insurance plan with a yearly deductible of at least $1,400 for individuals and $2,800 for families in 2022.

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