Frequently Asked Questions

What is an HSA?

A Health Savings Account (HSA) is a way to manage your money for future health expenditures. It's essentially a savings account that you can contribute pre-tax dollars to. The money grows tax free, too. You have to have a high-deductible insurance policy in order to open an HSA, and there are limits to how much you can contribute each year. Many people aren't aware that Health Savings Accounts (HSAs) can act as a form of secondary 401(k). If you never get sick, you can still withdraw the money at retirement age without penalty. You can withdraw money at any age without paying penalties or taxes if the money is used for health-related expenditures. HSAs are regulated under the Employee Retirement Income Security Act and are essentially regarded by the government as a retirement plan.

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