Health Savings Accounts (HSAs) are one of the newest, most innovative
approach to the ever-increasing cost of health care! Health Savings
Accounts are tax-favored trust accounts established to pay for
qualified medical expenses for eligible individuals, their spouses,
and/or tax dependents. HSAs are open to any individual with qualifying
High Deductible Health Plan (HDHP) coverage, so long as he or she does
not have any disqualifying health coverage. Health Savings Accounts were
created by the Medicare Prescription Drug Improvement and Modernization
Act of 2003, and became effective January 1, 2004.
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