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Basics of a Health Savings Account (HSA)

HSA Categories -> Basics of a Health Savings Account (HSA) -> What is the benefit of an HSA?
QUESTION:

What is the benefit of an HSA?

ANSWER:

An HSA allows you to set aside pre-tax money to pay for your expected out-of-pocket medical expenses. Any money contributed to your HSA is exempt from federal income tax, FICA and state income taxes for most states*. By contributing to an HSA, you reduce your taxable income and pay for expenses that you would have incurred regardless with tax-free dollars, ultimately increasing your take-home pay. We have two HSA Calculators that can help you plan your future spending: the Future Balance Calculator or Tax Savings Calculator.

*Alabama, California and New Jersey do not exclude HSA contributions from state income tax.

 


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