What is a Health Savings Account (HSA) and who is eligible to open one?
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Explanation
An HSA is a tax-advantaged savings account paired with a High-Deductible Health Plan (HDHP). Contributions are tax-deductible, money grows tax-free, and withdrawals for qualified medical expenses are also tax-free, giving you a triple tax advantage. Unlike FSAs, HSA funds roll over every year.
The Health Insurance Marketplace at Healthcare.gov allows you to compare insurance plans and check eligibility for premium subsidies based on your income.