Yusra3
Banned
An HSA is a way to save money on health care costs. Like a regular health insurance plan, you can use the money in your HSA for medical expenses. But unlike a regular insurance plan, you don't have to pay taxes on the money you put into an HSA.
There are two ways to get an HSA: You can have one set up through your employer or another individual can set one up on your behalf.
An HSA works like this: You contribute money into the account each year in order to cover medical expenses that will be paid back when you file taxes at the end of the year. The money accumulates over time until it reaches a threshold amount where it's considered "open" and thus available for withdrawals at any time during the year.
If you want to open an HSA account with an employer, they'll usually do so as part of their benefits package. it may not even be something they charge extra for! If this is the case, they'll provide instructions on how much money should be deposited each month into your account so that it grows quickly enough over time without becoming too large before any withdrawals are possible (so long as there aren't any other restrictions).
There are two ways to get an HSA: You can have one set up through your employer or another individual can set one up on your behalf.
An HSA works like this: You contribute money into the account each year in order to cover medical expenses that will be paid back when you file taxes at the end of the year. The money accumulates over time until it reaches a threshold amount where it's considered "open" and thus available for withdrawals at any time during the year.
If you want to open an HSA account with an employer, they'll usually do so as part of their benefits package. it may not even be something they charge extra for! If this is the case, they'll provide instructions on how much money should be deposited each month into your account so that it grows quickly enough over time without becoming too large before any withdrawals are possible (so long as there aren't any other restrictions).
