{"id":355845,"date":"2018-07-20T13:58:25","date_gmt":"2018-07-20T18:58:25","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/healthcare\/patient-rights\/what-is-a-health-savings-account.html"},"modified":"2024-03-05T11:43:17","modified_gmt":"2024-03-05T16:43:17","slug":"what-is-a-health-savings-account","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/healthcare\/patient-rights\/what-is-a-health-savings-account.html","title":{"rendered":"What Is a Health Savings Account?"},"content":{"rendered":"\n
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What Is a Health Savings Account?<\/h1>\n
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\n By Melissa McCall, J.D.<\/a> | Legally reviewed by Susan Mills Richmond, Esq.<\/a>\n | Last reviewed\n
\n \n <\/i>\n Legally Reviewed\n <\/summary>\n\n
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This article has been written and reviewed for legal accuracy, clarity, and style by FindLaw\u2019s team of legal writers and attorneys<\/a> and in accordance with our editorial standards<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n\n

\n \n <\/i>\n Fact-Checked\n <\/summary>\n\n
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The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n<\/section>\n

A health savings account (HSA) is a savings account used by people enrolled to cover medical and health expenses. Although the Affordable Care Act of 2009<\/a> (ACA) increased accessibility to health insurance, individuals and families still face steep health care costs. A health savings account is a tool that helps qualified people and families cover these costs.<\/p>\r\n

This article will help you understand HSAs, how they work, and their financial benefits.<\/p>\r\n

Health Savings Accounts Basics<\/h2>\r\n

Health savings accounts<\/a> function like regular savings accounts in many ways. For example, major financial institutions like banks and credit unions offer HSAs. Some health insurance companies also offer HSAs. HSAs differ from regular savings accounts in eligibility. Only people and families enrolled in high-deductible health plans (HDHP), defined by the Internal Revenue Service (IRS), can open an HSA.<\/p>\r\n

A Health Savings Account Is Not Health Insurance<\/h3>\r\n

It is important to note that an HSA is NOT health insurance. It is a savings account that can help you pay health care costs. Your HSA should not have any bearing on the following<\/p>\r\n