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Health savings accounts: Is an HSA right for you?
How do I find information about medical costs and quality so I can make informed choices?
Are health savings accounts similar to flexible spending accounts?
Content
Why were health savings accounts created?
Is a health savings account right for me?
What are some potential advantages of health savings accounts?
What are some potential disadvantages to health savings accounts?
Who can set up a health savings account?
What is a high-deductible health plan and how does it work?
How much money can I deposit annually into a health savings account?
Can my employer contribute to my health savings account, too?
Are health savings accounts similar to flexible spending accounts (FSAs)?
How do I find information about medical costs and quality so that I can make informed choices?
Can I withdraw money from a health savings account for nonmedical expenses?
Is a health savings account right for me?
Like any health care option, HSAs have advantages and disadvantages. As you weigh your options, think about your budget and the health care you're likely to need in the next year.
If you're generally healthy and you want to save for future health care expenses, an HSA may be an attractive choice. Or if you're near retirement, an HSA may make sense because the money can be used to offset the costs of medical care after retirement.
On the other hand, if you think you might need expensive medical care in the next year and would find it hard to meet a high deductible, an HSA and high-deductible health plan might not be your best option.
