InsureMonkeyQA
Expert
Hi Kevin,
HSA's involve a High-Deductible health plan, which means a lower premium with a higher deductible compared to your traditional health plan.
You can think of it like an Individual Retirement Account, where savings can go in but only be used for medical expenses. If you were to take funds out of an HSA that aren't medical related, there are penalties.
The benefits of an HSA are that any of your funds put into the account are not federally income taxed, which is great if you're looking to save money this way.
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Sean Sheffer
Specialist at InsureMonkey
HSA's involve a High-Deductible health plan, which means a lower premium with a higher deductible compared to your traditional health plan.
You can think of it like an Individual Retirement Account, where savings can go in but only be used for medical expenses. If you were to take funds out of an HSA that aren't medical related, there are penalties.
The benefits of an HSA are that any of your funds put into the account are not federally income taxed, which is great if you're looking to save money this way.
--------------
Sean Sheffer
Specialist at InsureMonkey
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