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HSA vs. flexible spending account (FSA) HSAs and FSAs have similarities and differences. Here is a comparison of the two to help you decide which option is more suited to your needs and goals.
A health savings account, or HSA, is a type of tax-free savings account. It helps eligible individuals pay for qualified medical care. It helps eligible individuals pay for qualified medical care.
Key takeaways. A Health Savings Account (HSA) is a tax-advantaged savings account eligible for those who are enrolled in a qualifying high deductible health plan (HDHP).
Some health savings accounts include a debit card, some supply checks for account holder use, and some allow for a reimbursement process similar to medical insurance. Most health savings accounts have more than one possible method for withdrawal, and the methods available vary. Checks and debits do not have to be made payable to the provider.
Health savings accounts (HSAs) are investment accounts that allow you to set aside pre-tax dollars for "qualified medical expenses" to pay for outlays not covered by your health insurance plan. By ...
In 2003, the health savings account was created. Since HSAs are a more widely available version of the MSA the original program is by and large obsolete. The exception to this is the state of California where MSA contributions are deductible on a state level and HSA contributions are not. [3]