Health Savings Account (HSA)
Health savings accounts (HSA) are a form of savings account paid into by employees with high-deductible health plans. They are owned by the employee and funded with pre-tax salary contributions. Untaxed dollars in an HSA can be used to pay for deductibles, copayments, coinsurance and certain other expenses, which can lower overall healthcare costs.
The government sets limits on the amount you can place in an HSA; in 2022 the limit is $3,650 for individuals and $7,300 for families. When selecting plans on the Marketplace, you will be able to see whether they are eligible for use alongside an HSA.
Related Terms:
High-deductible health plans (HDHP)
