Health Savings Account Basics

An HSA, or a Health Savings Account, is a way to save money on your health care premiums. If you are currently enrolled in a health plan with an annual deductible of $1000.00 for an individual, or $2000.00 for a a family, you can set up an HSA.

With an HSA, you can up an account to save pretax money for out-of-pocket medical expenses. This helps cover unexpected costs.

So what you say.

Well, if you don't use the money, the savings can be carried over from year to year, and as your savings accumulates, you can often invest your balance in a mutual fund.

Just make sure to shop around for an HSA. Different providers charge different fees, which can range from $50 per year to more than a few hundred per year.

If you have some comments regarding your Health Savings Account, let us know. 

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- Health Savings Accounts Basics