Health Savings Account (HSA)

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HSA plan designs are a way to "pay yourself" rather than pay premiums to an insurance company ("pay yourself" through an HSA). For example, instead of the high premium of a $250 deductible medical plan, you can get a lower-priced $5000 deductible and use the premium savings to fund an HSA and pay for medical expenses with tax-free dollars while also reducing your taxable income. 

There are two parts of an HSA plan design: 

You'll need to have a qualified health insurance plan that meets federal parameters.