Health Savings Account

Health Savings Account

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Description

Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. A health savings account (HSA), is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a High Deductible Health Plan (HDHP). The funds contributed to an account are not subject to federal income tax at the time of deposit. Unlike a flexible spending account (FSA), funds roll over and accumulate year to year if not spent. HSAs are owned by the individual, which differentiates them from company-owned Health Reimbursement Arrangements (HRA) that are an alternate tax-deductible source of funds paired with either HDHPs or standard health plans. HSA funds may currently be used to pay for qualified medical expenses at any time without federal tax liability or penalty. However, beginning in early 2011 OTC (over the counter) medications cannot be paid with HSA dollars without a doctors prescription.show more

Product details

  • Paperback | 64 pages
  • 152 x 229 x 4mm | 104g
  • DIC Press
  • United States
  • English
  • black & white illustrations
  • 6136697289
  • 9786136697284