HSA-Health Savings Account
An HSA is an account you can put money into to save for future medical expenses. There are certain advantages to putting money into these accounts, including tax benefits.
Who can have an HSA?
Any adult can if they have:
- Have coverage under an HSA qualified (HDHP) High Deductible Health Plan
- Have no other first-dollar medical coverage
- Not enrolled in Medicare
- Not claimed as a dependent on someone else's tax return
Members should seek professional tax advice to determine which IRA is best for them.