Review:
Health Savings Accounts
overall review score: 4.5
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score is between 0 and 5
Health Savings Accounts (HSAs) are tax-advantaged savings accounts that allow individuals to save and pay for qualified medical expenses.
Key Features
- Tax advantages
- Interest-bearing savings account
- Funds roll over year to year
- Portable between jobs
- Can be used for a variety of medical expenses
Pros
- Tax benefits
- Ability to save for future medical expenses
- Flexibility in use of funds
Cons
- High-deductible health plan required
- Limits on contributions
- Penalties for non-qualified expenses