Health Savings Accounts

A Health Savings Account (HSA) is a tax-advantaged account that lets you save money for future medical expenses. Contributions can be made by you and/or your employer. Total annual contributions are deductible on your federal tax return. Money in your account can be used to pay for medical expenses for yourself, your spouse, or your dependent children, for any "qualified medical expense" permitted by law. Contributions must stop once you are enrolled in Medicare, but you can keep any money in your account and use it tax-free for medical expenses.