Health Savings Account-Health Savings Account Info

radioactive_babywipes asked:


Let’s say that I sign up for a HSA through my employer and later on I figure out that it is not a good deal for me. Can I cash out the plan just like a savings account? I was told two things…1. That the money stays in the account forever and you can’t use it on anything else aside from health/medical related expenses. 2. That you could cash the HSA out similarly to a 401k or IRA but take the penalty and also pay the taxes on it.

I don’t mind the 2nd option, but the first is the problem. I figured the HSA would be very similar to a regular savings account except you can only use it for medical expenses, but I really need your help in figuring out HSA’s and the do’s and don’ts.

Thanx

Torri Cronoble

Vman 2040 asked:


I have just begun to read up on Health Savings Accounts, and I think I like what I see… I would like to hear what people who have them say… and can they be made available, even if your company offers other health insurance plans?

Janeth Deir