A Health Savings Account, also known as an HSA, is a tax-advantaged account that is used in combination with an HSA-qualified high deductible health insurance plan. The money you put into your Health Savings Account can help pay your health insurance plan's annual deductible annual deductible, as well as any other qualified medical expenses (including coinsurance coinsurance) that may not be covered by your health insurance plan after you meet your deductible.
HSA Resources1 Health Savings Accounts (HSA) have tax and legal ramifications. Blue Cross and Blue Shield of Illinois does not provide legal or tax advice, and nothing herein should be construed as legal or tax advice. These materials, and any tax-related statements in them, are not intended or written to be used, and cannot be used or relied on, for the purpose of avoiding tax penalties. Tax-related statements, if any, may have been written in connection with the promotion or marketing of the transaction(s) or matter(s) addressed by these materials. You should seek advice based on your particular circumstances from an independent tax advisor regarding the tax consequences of specific health insurance plans or products.