Understanding Your Health Savings Account (HSA): 5 Best Ways to Leverage Tax-Free Savings

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In addition, you can use the funds from an HSA account to pay for expenses until you've reached your insurance plan's deductible. Another great aspect of an HSA is using funds to"pay coinsurance or copays until you reach your out-of-pocket limit," according to Other eligibility requirements include not being currently enrolled in Medicare, not being claimed as a dependent on someone else's tax returns, and having no other health coverage, such as being covered by a spouse's plan. You can sign up for a plan if your employer offers one , and self-employed plans are also available.HSAs provide the unique opportunity to save up for medical costs but also serve as an investment vehicle.

Source: Healthcare Press (healthcarepress.net)

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