Who can contribute to a Health Savings Account?
Either the individual or the employer can make contributions—even though the account belongs to the subscriber. The money will roll over from year to year, and will go with the individual regardless of employment status.
Why open a Health Savings Account?
An HSA provides you triple tax savings: tax deductions when you contribute to your account; tax-deferred earnings through investments; and tax-free withdrawals for qualified medical expenses.
You can save for future expenses.
When you open an HSA, you get a low-cost health plan while saving for future expenses.
You can save tax dollars on medical expenses.
An HSA offers a way to save tax dollars on medical expenses that traditional insurance does not cover, such as holistic medicine, vision care, dental work, chiropractic services etc. Money from this type of savings account can also be used for long-term care insurance premiums, for COBRA premiums, and premiums for Medicare.
You can use your HSA to pay for medical expenses for yourself, your spouse and dependent children.