A Health savings account (HSA) is an employee-owned account designed to set aside pre-tax money to pay for qualified medical expenses such as deductibles, copayments, coinsurance, and other out-of-pocket expenses included in IRS publication 502.
HSAs are powerful savings vehicles, however, they require a high deductible health plan (HDHP) that meets specific requirements. Employers who choose to offer an HDHP are able to make their employees’ healthcare more affordable, but not all group health plans have HSA eligibility.
This post first appeared on Small Business Employee Benefits And HR, please read the originial post: here
