How to Know if Your Health Plan is HSA Qualified

The concept of a Health Savings Accounts (HSA) was established by Congress in 2003 to allow individuals and families to save for and pay for medical expenses with tax preferred money.

The tax preferences are significant. In fact, HSAs are “triple tax” preferred, which means:

1. Money you invest into an account is tax deductible.
2. Money that is in your HSA may be invested and the income from that investment is tax free.
3. Money that is spent from your HSA on qualified medical expenses also is tax free.
   

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