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Health Insurance Guide > Health Savings Account (HSA): What is it?Health Savings Account (HSA): What is it?An HSA is simply an acronym that stands for Health Savings Account. These types of accounts allow people to pay for qualified medical expenses with income tax-free funds. This allows them to save for medical expenses and retirement on a basis that is tax deferred. These accounts work like IRAs (Individual Retirement Accounts), but more to the consumer's advantage. Pre-tax funds are deposited into an HSA account and can be taken out at any point without the risk of penalty or taxes that have to be paid for qualified medical expenses. You can also withdraw money for reasons that are not medical, but that money is taxed normally and has a penalty of 10 percent if done before the person is 65 years of age. Like an IRA, the HSA account belongs to you, not to your employer. However, your employer can contribute funds to the account if that system is in place at the company you work for. HSA funds that aren't used each year stay in the account. They accrue interest that is tax-free to supplement medical costs at any time in the future.
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