What are Health Savings Accounts?

Family Caregiving, Personal Finance February 07, 2017 Print Friendly and PDF

Health Savings Accounts (HSAs) were designed by Congress to provide tax advantages to individuals enrolled in high deductible health care plans. Deposits to an HSA are used to pay qualified medical expenses.

The 2017 maximums for annual contributions to HSAs are $3,400 for individuals and $6,750 for a family. Money in the account grows tax deferred, so an HSA serves as a type of savings account to pay future health care expenses.

For more information, see http://njaes.rutgers.edu/healthfinance/health-savings-accounts.asp.

We would like your feedback on this Personal Finance Frequently Asked Question.

Connect with us

  • Twitter
  • Facebook
  • YouTube

Welcome

This is where you can find research-based information from America's land-grant universities enabled by eXtension.org

LOCATE

USDA / NIFA

This work is supported by the USDA National Institute of Food and Agriculture, New Technologies for Ag Extension project.