An HSA is an account for individuals who are covered under high-deductible health plans (HDHPs) to save for medical expenses that those plans do not cover.

Contributions are made into the account by the individual, the employer or both. The contributions are invested and can be used to pay for qualified medical expenses, which include dental, vision and over-the-counter drugs.

The HSA account has three major tax savings: the money contributed into the account is tax deductible, it grows tax free, and withdrawals are tax free if they are for qualified medical expenses. To qualify for an HSA account, you must have coverage from a high-deductible health plan (HDHP) and you must not be enrolled in Medicare or be listed as a dependent on another person's tax return.

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