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Showing posts from March, 2017

Health Savings Account

A health savings account (HSA) is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a high-deductible health plan (HDHP). The funds contributed to an account are not subject to federal income tax at the time of deposit. Unlike a flexible spending account (FSA), HSA funds roll over and accumulate year to year if they are not spent. HSAs are owned by the individual, which differentiates them from company-owned Health Reimbursement Arrangements (HRA) that are an alternate tax-deductible source of funds paired with either HDHPs or standard health plans. Kiplinger describes the HSA as a "powerful financial tool to cover medical expenses and save for the future." Read the entire Kiplinger article here . Most Credit Unions and Banks in the US offer an HSA account. If you're interested in learning more, or, opening an HSA, visit the rateseer Savings Account page for a comparison of rates and features.