Health Savings Account
A Health Savings Account (HSA) is a tax-advantaged account created for individuals covered under high-deductible health plans (HDHPs) to save for qualified medical expenses. Contributions are made into the account by the individual or their employer and are limited to a maximum amount each year. The contributions are invested over time and can be used to pay for qualified medical expenses, such as medical, dental, and vision care, as well as prescription drugs. In addition, with the Coronavirus Aid, Relief, and Economic Security (CARES) Act enacted into law in response to the Coronavirus pandemic, HSA funds can now be used for over-the-counter medications without a prescription, as well as certain other health-related products. HAS plan funds carry-over from year to next year and are portable.