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Health Savings Account (HSA)

HSAs are tax-advantaged savings accounts used with a qualifying high deductible health insurance plan. The account can be used to pay for qualifying medical expenses. You may make tax deductible contributions to an HSA. The funds are yours and stay in the account from year to year. Interest and investment income accumulates tax-deferred, and may be tax-free if used to pay qualified medical expenses.

Note: These definitions are provided only to give you a general understanding of how these words are sometimes used by health insurance companies. Please refer to your coverage documents for a complete list of defined terms that apply to your specific coverage.