Health Savings Account

A Health Savings Account (HSA) is an interest-bearing Federally Qualified tax-deductible, tax-deferred and tax-free account designed for consumers for eligible medical expenses. These accounts were created to help give consumers more control in managing their healthcare costs.

In order to open a HSA, you must have a qualified High Deductible Health Plan. The best part about HSAs is that they are portable. If you switch jobs, the HSA stays with you. Your money can roll over each year, without the 'use it or lose it' requirement.