What Does HSA Stand For In Health Insurance?

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   Neil Steinman

   Owner, Orange County Health & Life Insurance,

   HSA stands for "Health Savings Account". There are specific plans you can purchase that are designated as Health Savings Accounts. With these plans, you open a separate savings account and you're able to put pre-tax dollars into that account and spend those pre-tax dollars on qualifying non-covered medical expenses. You can use these funds for spouse or dependents even if they're not covered by the plan. There are rules regarding how much you can contribute, when, what happens if you withdraw the money for non-medical expenses, etc. But if you're looking for additional ways to save taxes, this would be worth looking into.

   Answered on June 19, 2013

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