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FAQ #26721

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What are health savings accounts?

Related resource areas: Family Caregiving, Personal Finance

Health Savings Accounts (HSAs) were designed by Congress to provide tax advantages to individuals enrolled in high deductible health care plans. Deposits to an HSA are used to pay qualified medical expenses. Deposits can be made by an employer (on a pre-tax basis) or a beneficiary or other person (on a post-tax basis, although taxable income can be decreased by the amount of the deposit).

The 2008 maximums for annual contributions to HSAs are $2,900 for individuals and $5,800 for a family. Money in the account grows tax deferred, so an HSA serves as a type of savings account to pay future health care expenses.

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