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I was unable to find much information about your HSA options online and had to call for additional information.

January 21, 2016

Health Savings Accounts (HSAs) are designed to help you save for future qualified medical expenses on a tax-free basis. HSAs are individually-owned accounts to which you can make tax-deductible contributions, accumulate tax-deferred earnings, and take tax-free distributions whenever you need to pay for qualified medical expenses.

HSAs are used by individuals who have a high deductible health plan (HDHP). You can use the money in your HSA to pay for qualified medical expenses until your insurance deductible has been met and insurance starts paying for your medical expenses. HSA assets can also be used to pay for qualified medical expenses that are not paid by insurance, even after the deductible has been met.

For more information regarding HSAs, or to open an account, visit our easy-to-use Retirement Central site.

— Greg K.