A Health Savings Account (HSA) provides a means for individual enrolled in a high deductible health plan to pay their out of pocket medical costs.   The HSA itself is a savings account that is funded with pre-tax dollars.  The funds earn interest tax-free and are spent  tax-free as long as they are used on eligible medical expenses as defined by the IRS.

Click Here for a printable HSA Eligible Expenses list (pdf).

Setup at a bank of the individual’s choosing, the account itself is at it’s base, no different than any other newly established savings account.  It is the accountholder’s responsibility to see that the HSA funds are used appropriately ,not the bank’s.