Health Savings Accounts
Learn more about Health Savings Accounts by visiting our Online Education Center- or click the following link to go directly to the information.
Health Savings Accounts are designed for people with high deductible health insurance policies. Contributions can be made by an individual or an employer. The HSA is owned by individuals, not employers, therefore employers cannot restrict what the deductions from an HSA are used for. Individuals have the freedom to decide what qualified medical deductions to make, where the HSA will be held, and what contributions to make. Deductions can be made for qualified medical expenses for the individual account holder, spouse or dependent of the account holder. Deductions are tax free if made for qualified medical expenses.
For more information on contributions, qualified medical expenses and high deductible insurance policies, visit www.treas.gov and go to Health Savings Accounts.