HR Glossary

Health Savings Account (HSA)

By November 4, 2019 No Comments

What is a Health Savings Account (HSA)?  Definition below:

”A Health Savings Account (HSA) is an optional account for employees that have a high deductible health plan. This tax-advantaged savings account allows individuals to pay for qualified medical costs.

Money in a Health Savings Account is owned by the employee, and can be invested in different financial options such as the stock market. Although the money in an HSA can be used at the employee’s discretion, only qualified healthcare expenses are eligible for a tax advantage.

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