PREVIOUS QUESTION:

 

NEXT QUESTION:

 

What is a health savings account (HSA) in health care?

ANSWER

An HSA is a type of medical savings account that you can set up if you have a "high-deductible" health plan. The money must be used for medical expenses.

There's a tax benefit to an HSA account. Just like an FSA, the money that goes into an HSA is tax-free. But unlike an FSA, the money isn't "use it or lose it." You can spend the money in an HSA account years later if you want to.

SOURCES:

National Association of Insurance Commissioners: "Glossary of Health Insurance and Medical Terms."

U.S. Bureau of Labor Statistics: "Definitions of Health Insurance Terms."

Healthinsurance.org: "Health Insurance Glossary."

U.S. News and World Report: "Health Insurance Definitions."

HealthCare.gov   "Glossary, COBRA," "Glossary Health Savings Account," "The Health Insurance Marketplace," "Children's Pre-existing Conditions."

California Department of Insurance: "COBRA."

Reviewed by Sarah Goodell on February 16, 2018

SOURCES:

National Association of Insurance Commissioners: "Glossary of Health Insurance and Medical Terms."

U.S. Bureau of Labor Statistics: "Definitions of Health Insurance Terms."

Healthinsurance.org: "Health Insurance Glossary."

U.S. News and World Report: "Health Insurance Definitions."

HealthCare.gov   "Glossary, COBRA," "Glossary Health Savings Account," "The Health Insurance Marketplace," "Children's Pre-existing Conditions."

California Department of Insurance: "COBRA."

Reviewed by Sarah Goodell on February 16, 2018

NEXT QUESTION:

What are insurance Marketplaces in health care?

WAS THIS ANSWER HELPFUL

THIS TOOL DOES NOT PROVIDE MEDICAL ADVICE. It is intended for general informational purposes only and does not address individual circumstances. It is not a substitute for professional medical advice, diagnosis or treatment and should not be relied on to make decisions about your health. Never ignore professional medical advice in seeking treatment because of something you have read on the WebMD Site. If you think you may have a medical emergency, immediately call your doctor or dial 911.

    This tool does not provide medical advice. See additional information.

    Other Answers On: