Health Savings Account

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What is a Health Savings Account?

A health savings account (HSA) is essentially a personal savings account reserved for health care expenses. In order to have an HSA, you must possess a type of health insurance called a High Deductible Plan. There are a number of benefits to having a health savings account.

Advantages:

Disadvantages:

Should I Use HSA’s

Health savings accounts are great if you are in good health because this will give you time to save up the money. Health savings accounts are also an option if you are good if you are nearing retirement. However, if you are someone who knows they may need serious medical care in the future or are not able to pay the high deductible than an HSA should be avoided.

Setting up an HSA

Your employer may offer an HSA, but if not, you can start an account on your own through a bank. To open an account you must be under the age of 65 and have a high deductible insurance plan. The high deductible health insurance must also be your only health insurance, although dental, vision, and long-term care insurance will not disqualify you from having an HSA.

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Last Modified: 08-06-2013 11:40 AM PDT

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