HSA Know How
HSA stands for Health Savings Account. An HSA is a special tax deferred savings account, whose funds can be used to pay for medically related expenses (including dental, vision, pharmacy, etc.). We highly recommend that you speak to your CPA/Accountant to see how this savings account may benefit you. In short, deposits into an HSA may be tax deferred.
The amount you may deposit can change from year to year, and depends on your age. We recommend that you speak to your CPA/Accountant for details.
You are only eligible to fund this savings account, if you are enrolled in an HSA compatible Health Insurance Plan.
The funds may bear interest and "roll over" year after year. You won't lose the funds at the end of the year, like you would with an FSA (Flexible Spending Account) through your employer.
Contact one of these three companies (not verified) to open a health savings account:
You can open this account with just a few dollars, and add as you need to.
Request a debit card for this account and remember to use it for any and all medical expenses, including dental, vision, pharmacy, etc.
When you file your taxes, let your CPA/Accountant know how much you deposited into the account for that tax year.
If there is any money left over, it can bear interest and can be used in the future.