Introduction to Making Contributions to Health Savings Accounts

Once you are covered by an HSA-qualified insurance policy (and you have no other first dollar coverage that disqualifies you), you are eligible to establish a health savings account and make contributions to it each year. Contributions provide certain tax advantages, including tax deductions on your income tax return. Funds deposited in the account roll over automatically each year and may be invested without paying taxes on earnings. Account funds may be used tax-free to pay for qualified medical expenses incurred by you, your spouse, and dependent children.

In this tutorial, you will learn about the advantages of putting funds into a health savings account. Keep reading to learn about these opportunities.