Coverage and cost
What is a health savings account (HSA)?
A health savings account (HSA) is a tax-exempt savings account. You can put (or ask your employer to put) pre-tax dollars from your paycheck into an HSA. You can then pay for health care and prescription expenses from your HSA. HSAs are paired with high-deductible medical plans. You can use money in an HSA to pay for expenses such as doctor, dentist and chiropractor visits as well as prescriptions.
In some cases, you may not use all of the money invested in your HSA. In that situation, the money stays in your account for future use. If all of the money in the HSA is used during the year, you are responsible for the remainder of any deductible up to an out-of-pocket maximum for the year. At that point, the insurance plan is activated.