Articles
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?
What are some potential disadvantages to health savings accounts?
- Illness can be unpredictable, making it hard to accurately budget for health care expenses.
- Information about the cost and quality of medical care can be difficult to find.
- Some people find it challenging to set aside money to put into their HSAs. People who are older and sicker may not be able to save as much as younger, healthier people.
- Pressure to save the money in your HSA might lead you to not seek medical care when you need it.
- If you take money out of your HSA for nonmedical expenses, you'll have to pay taxes on it.
