Do you know what an H.S.A. is?
Health plan options can be confusing and with the A.C.A. in full effect, we wanted to highlight one of the plans that many people are not familiar with. What is a Health Savings Account or H.S.A.? This is a high deductible health plan that enables individuals to create a savings account to contribute funds that are not subject to income tax. This account can be used to pay for “qualified medical expenses” tax-free. When an individual selects an H.S.A. qualified plan premiums are typically lower and deductibles are higher. Traditional health plans in comparison commonly cover co-pays for doctor visits and prescriptions, whereas …