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What’s a health savings account (HSA)?

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An HSA is a type of savings account that can help you save money on health care expenses and taxes. You can set up an HSA only if your insurance plan has a high deductible. (A deductible is the amount you have to pay for medical bills before your insurance plan kicks in.) People who work for companies and those who are self-employed can set up an HSA.

SOURCES:

Forbes.com: "Comparing Health Savings And Flexible Spending Accounts."

Kiplinger's Personal Finance, April 2013: "FAQs About Health Savings Accounts."

Creighton.edu: "FSAs, HSAs and Limited Purpose FSAs -- What's Right For You?"

American Medical Association: "Health Savings Accounts."

Healthcare.gov: "Flexible Spending Account."

Reviewed by Sarah Goodell on February 16, 2018

SOURCES:

Forbes.com: "Comparing Health Savings And Flexible Spending Accounts."

Kiplinger's Personal Finance, April 2013: "FAQs About Health Savings Accounts."

Creighton.edu: "FSAs, HSAs and Limited Purpose FSAs -- What's Right For You?"

American Medical Association: "Health Savings Accounts."

Healthcare.gov: "Flexible Spending Account."

Reviewed by Sarah Goodell on February 16, 2018

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What’s a health savings account (HSA)?

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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.

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