Published: 2026-08-15
This article provides general information for reference purposes only and does not constitute professional legal, tax, medical, or financial advice. Rules and programs may change. Always verify current details with official sources or consult a qualified professional.
What is a Health Savings Account (HSA)?
An HSA is a tax-advantaged savings account you can use to pay for qualified medical expenses. You must be enrolled in a high-deductible health plan (HDHP) to contribute. Contributions are tax-deductible, grow tax-free, and withdrawals for qualified expenses are tax-free.
Who is eligible for an HSA?
To be eligible, you must be enrolled in a qualifying high-deductible health plan (HDHP), not be covered by other disqualifying health insurance, and not be claimed as a dependent on someone else's tax return.
What are the benefits of an HSA?
HSAs offer a triple tax advantage: tax-deductible contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses. Unlike flexible spending accounts (FSAs), HSA funds roll over year to year and can be invested.