What are Health Savings Accounts?

Health Savings Accounts (HSAs) were designed by Congress to provide tax advantages to individuals enrolled in high deductible health care plans. Deposits to an HSA are used to pay qualified medical expenses.

The 2017 maximums for annual contributions to HSAs are $3,400 for individuals and $6,750 for a family. Money in the account grows tax deferred, so an HSA serves as a type of savings account to pay future health care expenses.

For more information, see http://njaes.rutgers.edu/healthfinance/health-savings-accounts.asp.

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