HSA or Health Savings Accounts is a tax-favored insurance savings account combined with a qualifying high-deductible health insurance plan. HSA’s allow you to deposit tax-deductible funds into a health savings account that you can use to cover health costs, Health Savings Accounts give you the ability to take control of your own health care decisions. One of the favorable aspects to health savings accounts is a system that is responsive primarily to individual consumers, rather than to third-party payers. This is a concept known as consumer driven health care.

Before you contribute to your health saving account (HSA), you must have a high-deductible health insurance plan that qualifies to be partnered with a Health Savings Account. HDHP or high deductible health insurance plans are available through various insurance carriers, and quoted rite here at RXHealthQuotes. HDHP’s are all similar in the fact that they have deductibles between $1,100 and $5,600 for singles, and between $2,200 and $11,200 for families.

HSA’s have a tax favored status, meaning what you contribute is either pre-tax or tax deductible. Interest earned on the money is tax-deferred. Using the money to pay for qualified medical expenses is tax-free.

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