what exactly is a Health Savings Account?
rye asked:
What exactly is an HSA? In simple terms.
What exactly is an HSA? In simple terms.
I am about to graduate from college: 22, single, healthy, lean, etc, no serious conditions (just a minor, minor, MINOR heart condition).
Would an HSA benefit me? What does it do?
Soon Altenhofen
All it is: a bank account established with a set interest rate, the money that goes in it can only be used for medical purposes. You cannot withdrawl this money for anything other than medical reasons. I dont think it is a wise investment please consider blue cross blue shield and establish health care that way it is cost effective about 70.00 a month and max 2,000.00 deductible.
It sets tax free dollars out of your paycheck into a separate account that you can choose to pay any medical bills you wish.
So basically its a savings account you put money into.
If you have any health related issues you can use that account to pay those bills and write check for.
Doctors
Dentist
Eye doctors
etc.
I had it at work and it was pretty nice. Then they ended it a couple years after they started it.