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Health Savings Accounts

overall review score: 4.5
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

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Last updated: Wed, Nov 13, 2024, 12:43:09 PM UTC