Despite the fact that HSAs have been around for a while, there are still quite a few people that don’t understand what they are and how they work. Despite the fact that HSAs have been around for a while, there are still quite a few people that don’t understand what they are and how they work. In simplified terms, a health savings account, or an HSA is considered…<\/span><\/p>\n
\nIn simplified terms, a health savings account, or an HSA is considered to be a trust to be used solely for paying qualified medical expenses. The beneficiary of the account is the person who set it up.
\nTo set up an HSA, the person must make sure the contribution is made in cash, unless it happens to be a rollover. They must also make sure their contribution, when it’s added to prior contributions for the calendar year, doesn’t exceed the limits for the year. An account like this must be set up at a bank or an insurance company, etc. and the money placed in the account is “only” for the HSA and not for life insurance.
\nThere are two other requirements that need to be (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"