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What You Need to Know About Health Savings Accounts

A Health Savings Account provides you with the ability to have medical savings account if you have a High Deductible Health Plan. A Health Savings Account allows you to save up for future or current medical expenses. These frequently asked questions about health savings accounts will help you better understand how they can be used.

Does Your Health Savings Account Have to Be Used By a Certain Date?

One of the biggest concerns that people have when it comes to having an
Health Savings Account is the fear that the money can be lost. However, once you put money into an HSA, the money is there for you until you spend it. The account is yours, and the money will continue to be there until you need it.

How Are Funds for Health Savings Accounts Handled?

Funds are added to a Health Savings Account throughout the year on a pre-determined schedule by you, your employer, or both. When you need to access the funds, you will have a couple of options available to you. You can pay through your payment card that is attached to the account or you can pay with another account and request a reimbursement.

Are You Eligible For a Health Savings Account?

In order to have a Health Savings Account, you must be enrolled in a High Deductible Health Plan. This type of plan requires a high deductible, typically in exchange for a lower monthly health coverage cost.

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